Bitcoin Price Analysis: BTC/USD Finding Support At $4,500, $5,000 Retest Likely
Dropping Bitcoin prices is not only crashing altcoins and businesses that have built empires around Bitcoin and crypto market but the impact is now being felt by adopters and crypto payment processors. While we expect this drop to temper participants, shaking out speculators leaving enthusiast who are keen not only on making money but on the general progress of the technology, it is important for the Bitcoin infrastructure to remain robust.
Conduits as BitPay and Edmonton’s Coinpayment are cogs that not only spur adoption but are platforms where novices or those new to the technology can experience in real-time how this Bitcoin is not only a store of value but an efficient, censorship resistant fiat alternative. Eventually, many experts expect Bitcoin prices and this will definitely lift investor confidence allowing them to spend rather than hold increasing the total trading volumes passing through these crypto processors. While volumes are dropping, our attention shifts to Bakkt and their announcement that they shall put off the launch of the much anticipated Bakkt Daily Bitcoin Futures to Jan 24, 2019. However, this is heavily dependent on whether they shall get the nod of approval from US regulators. Through a post, Kelly Loeffler, Bakkt CEO said the platform is taking this time to onboard as many customers as possible while at the same time ensuring the final platform over which institutions and other verified investors would transact on is reliable and secure. It appears as if BTC/USD is steadying and bears slowing down. Of course, from a top down approach price dents in the weekly charts are deep—down 22 percent. In the daily chart, BTC/USD is down 2.5 percent in the last 24 hours. But after a clear imbalance, prices will naturally level out. For equilibrium, BTC/USD prices will either consolidate within Nov 20 high low or drop lower.
Bitcoin (BTC) is down 0.82% over the past 24 hours and is currently trading at $4,494.09 on Coinbase. BTC dominance is at 53.4% and the total cryptocurrency market cap is currently at $146 Billion.