Cryptocurrency

Bitcoin continues to decline, to trade just above $5,000

2019-04-12 16:09:52 GMT (Economies.com)

Bitcoin fell on spot trading on Friday to continue its losses for the second day in a row, with corrections and profit taking from a five-month high, as the world's largest cryptocurrency prices currently testing the psychological barrier at $5,000, Those levels with the continued exit of liquidity from the market signals the end of the upwards corrective waves and the halt of the bullmarket.

 

On BItstamp Stock Exchange, by 07:45 GMT, Bitcoin is trading around $5,010, down $27 or by 0.5%. from the opening price of $5,037, with the highest at $5,049 and the lowest at $4,912.

 

On Thursday, Bitcoin lost 5.4%, its second loss in three days, and the biggest daily loss since February 24, as the correction and profit taking accelerated after reaching its highest level in five months at $5,466 per unit.

 

The market value of digital currencies on Friday fell by about $2 billion to a total of $168 billion, with most of the major cryptos prices falling in the market.

 

The market value on Wednesday was at $186 billion, the highest level since last November.

 

Thus liquidity of about $18 billion left the market during the last 48 hours, in a sign that the upwards corrective waves have ended in addition to the halt of the bull market.

 

As a result of those waves and the Bull market signs, Bitcoin has increased by 22.5% since the beginning of April, but the rapid drop from the $5,000 levels, predicts further decline to $ 4,500 with the continuation of negative volatility.

 

Bitcoin rose widely after news reports of a large purchase by an unknown buyer, in addition to the positive atmosphere that dominated the crypto market recently, which helped greatly in improving Investment demand levels.

 

This week, after the recent bullish trend, analysts at Bloomberg predicted that there would be a saturation in the market that would lead to a price deflation for several weeks.

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