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Sunday, March 26, 2017

Markets Update: Bitcoin’s Price and Market Share Dominance Declines

Markets Update: Bitcoin’s Price and Market Share Dominance Declines

If one were to ignore the scaling debate this week and focus the attention entirely on cryptocurrency markets, one would notice last week’s bitcoin price movements were just as hectic. Currently, the price per bitcoin is US$990, after losing roughly $70 dollars in value over the past 24 hours. Just one week ago, on March 16, bitcoin’s price was coasting along at $1,215-1,235 per BTC – but it took a significant dive the following day. The bearish downturn continued until March 18, hitting a low of $950 per BTC, which turned out to be the week’s price floor so far.

After the dip, the price started to ascend upwards once again, climbing above the 4-digit range. On March 21 bitcoin’s rising price reached $1,115 but subsequently took another downturn over the course of the next few days. At present technical indicators are showing sellers are in control of the market. The price is moving down to support lines as the psychological 4-digit range seems to be broken leading to the current bear market. The support line is strong in the $870-890 range, and its likely buyers are waiting for this position. The 100 Simple Moving Average (SMA) is lower than the 200 SMA showing the seller’s market may continue until a new price floor is found.

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