Bitcoin prices and crypto market value have been degrading since December with a little switch here and there. According to the past stats, Bitcoin market have reached its lowest price in weeks declining to $6,600 on February 6. Since the time of Bitcoin publication, it has suffered a loss of 65% from December 16, 2017. The Crypto enthusiasts and traders are looking for cryptocurrency ‘bottom’- The price position where the gain will go no lower. In fact, the price is generally followed by a rise.
Over past 12 hours, the trade volume has gone down under $6 Billion. The major five exchanges trading the most BTC currently are Bitfinex, Okex, Binance, GDAX, and Bitstamp. However, Japanese Yen is the most influencing currency nowadays with Bitcoin covering 40 percent of global trading. This is further followed by USD (36%), tether ( USDT 10%), the Euro (7%) and Korean Won (2%).
The long-term and short-term Simple Moving Averages (SMA), are expected to reach the convergence soon. Moreover, the two trends have unrolled once again and the 100 SMA is draining below 200 SMA. This signifies that the bearish sentiment is still flying high for the time being. The Relative Strength Index (RSI) and Stochastic oscillators have however managed to see some recovery in the short term. Besides this, the roots are comparatively strong till $6,100. However, if it goes beneath $5K price levels would likely go close.