• BTC/USD retested the lowest level of 2019 despite growing transactions volume.
  • A sustainable move above $3,600 is needed.

Bitcoin is hovering marginally above $3,500 at the time of writing. The digital coin No.1 has lost nearly 4% since this time on Sunday, resuming the decline that started on the second week of January. The market seems to see the glass half-empty, paying attention only to negative news.

Meanwhile, the researchers note that Bitcoin's average daily transactions volume returned to the levels registered in October 2017 (a short reminder: that was the period of a strong rally on the cryptocurrency market).

"Bitcoin daily on-chain transactions grew 63% in the last ten months. Volumes are now the same as we had during the 2017 bull run, a Twitter user ArminVanBitcoin notes.

While the share of SegWit transactions has not changed in recent six months, LighteningNetwork activity has been gathering pace.

This makes the experts believe that the market has bottomed out and the bull run is about to start in the nearest future.

Bitcoin’s technical picture

Looking technically, BTC/USD retested the lowest level of 2019 at $3,480 before the recovery pushed it back above $3,500. It is worth noting, that the upside momentum has faded away, which means that the sell-off may be resumed later during the day. If the above said $3,480 is broken, the price might slide towards $3,400, which is guarded by 23.6% Fibo retracement level, monthly.

On the upside a sustainable move above $3,600 is needed to mitigate the immediate bearish pressure.

BTC/USD, 4-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD is at risk of an extended sell-off towards $8,000

Bitcoin (BTC) is under selling pressure on Thursday. The first digital coin has lost over 3.5% since the beginning of the day amid growing bearish sentiments and expanding volatility.

More Bitcoin News

XRP transactions cannot be blocked, Ripple's CTO explains why

Ripple's XRP, now the third-largest digital asset with the current market value of $10.0 billion has lost 3% in recent 24 hours. The coin bottomed at $0.2280 during early Asian hours and recovered to $0.2300 by the time of writing.

More Ripple News

Cryptocurrency Market Update: Crypto sell-off returns as Bitcoin dives under $8,500

The cryptocurrency market is back in the red, erasing the shallow gains posted on Wednesday. All the major digital assets are struggling with losses between 1% and 6%.

More Cryptocurrencies News

Bitcoin Cash miners told to donate 12.5% of their revenues to support the ecosystem

Bitcoin Cash, the fourth largest digital asset with the current market value of $6.1 billion has lost 2.5% in the recent 24 hours amid global correction on the cryptocurrency market. 

More Bitcoin Cash News


Bitcoin Weekly Forecast: Bulls piggy-back on altcoins rally

This week was marked by a strong altcoins rally on the cryptocurrency markets. Bitcoin SV (BSV) and Dash experienced the sharpest price increase over 100% in recent seven days...

Read the weekly forecast