Bitcoin Faces Renewed Pressure

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Bitcoin Faces Renewed Pressure

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The bearish trends of 2018 so far continue to reduce the price of Bitcoin, testing lows similar to that of the beginning of February. Bitcoin struggled under selling pressure in the early hours of 30 March, falling to USD 6,617.69 at its lowest point (Coindesk). Strong resistance led to a sharp ascent to USD 7,150, leading to stability around the USD 7,000 mark.

Possibility of a bullish break?

Bitcoin has an unpredictable year ahead, although it has been known to bounce back from bearish trends in the past. There is still a distance for Bitcoin to fall to reach prices of a year ago when it was trading at around USD 1,000. Recent scrutiny from the public and the banning of ads by giants such as Facebook, Google and Twitter may have led to a present loss of faith from the public.

Not alone with its bearish trends

Ethereum (ETH) tested lows of  USD 368, which hadn’t visited since November 2017. At the beginning of the year, ETH at its height was above USD 1,026 (Coindesk). In terms of range, that’s a  64% depreciation since the beginning of the year. Bitcoin Cash is hitting new lows for the year at USD 684 compared with its highs in early January of USD 2,518, also the lowest in four months, relating to a 73% decrease. Litecoin has revisited lows of USD 110 that were reached only recently in February. Litecoin is faring slightly better with only a 57% decrease from its January high of USD 253. Ripple (XRP) is struggling the most under bearish pressure dropping to USD 0.48 from the January heights of USD 3.18, an 87% drop.

 

 

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