As far as early recovery is concerned, so much. The price of bitcoin hit new annual lows on Friday morning, and the encryption market was further red as the financial market continued to continue the recent downward trend.
Bitcoin has already crumbling into the day, and many are worried that the flagship encrypted currency can’t defend the $4000 level, which marks a drop to $3000. BTC / USD has not yet broken through the next key level, but the price of bitcoin has indeed taken an important step at that level at about 1:25 a.m. on Friday morning, when BTC fell to less than 24 hours at a new annual low of $3849 after a transaction of $3849. By the time this article was written, BTC / USD was hovering near $3344 on Coinbase, equivalent to less than 10% per day.
BTC / USD Coinbase
After turning to a new low water level in 2018, the US Securities and Exchange Commission decided to postpone a decision on the VanEck’s latest bitcoin ETF proposal until February 2019. However, almost everyone expects the board to push the cans into the market by the last minute. Like other encrypted ETF applications in the past. Therefore, the delay seems unlikely to have any real impact on the short-term trend of the special currency.
In any case, the technical side of the encrypt market is still poor, and some analysts – including Bloomberg’s Mike mclong – the markup low to $1500, will not be impossible for the already hit bitcoin price.