{"id":368067,"date":"2019-01-13T21:00:24","date_gmt":"2019-01-13T21:00:24","guid":{"rendered":"https:\/\/wncen.com\/?p=368067"},"modified":"2019-01-13T20:39:33","modified_gmt":"2019-01-13T20:39:33","slug":"bitcoin-and-crypto-markets-face-new-support-levels-following-todays-drop","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-and-crypto-markets-face-new-support-levels-following-todays-drop\/","title":{"rendered":"Bitcoin and Crypto Markets Face New Support Levels Following Today\u2019s Drop"},"content":{"rendered":"
Bitcoin has failed to stabilize above $3,600, which is leading the crypto markets to now face new levels of support. Today\u2019s downwards move has led many altcoins to plunge 6% or more, and they are showing few signs of major buying support near their current price levels.<\/p>\n
Analysts have mixed opinions regarding exactly where the markets will find support, but there is a general consensus that Bitcoin will find some buying pressure in the low-$3,000 region, which, if this level is to be touched, could result in a bounce.<\/p>\n
Currently, Bitcoin is trading down approximately 3% at its current price of $3,560, which is at the bottom of the trading range<\/a> that Bitcoin formed earlier this week when it failed to stabilize above $4,000 for an extended period of time.<\/p>\n Mati Greenspan, the senior market analyst at eToro, discussed this range in a market update from last week, saying<\/a>:<\/p>\n \u201cIt seems now, that bitcoin has opened a new mini-range within that from $3,550 to approximately $4,200.\u201d<\/p><\/blockquote>\n Bitcoin does appear to be respecting the bottom of this range as support so far, but the current lack of trading volume likely signals that further losses are imminent.<\/p>\n In a recent tweet<\/a>, Trading Room noted that Bitcoin\u2019s next key support level exists between $3,292 and $3,396, which is approximately 5-7% lower than its current prices. If it does touch these prices, it will mark a nearly 10% drop from where Bitcoin began 2019.<\/p>\nCrypto Markets Likely to Drop Further Before Finding Strong Support <\/strong><\/h2>\n