Bears Slayed Bitcoin; Price Drops below $250

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Bears Slayed Bitcoin; Price Drops below $250

ForexMinute.com – The Bitcoin value has dropped below $250, thanks to pessimistic fundamentals and optimistic bears.

Speaking particularly of the last 24 hours, the BTC/USD was somewhere valued around $274, right near the key resistance level. But in the next few hours, the selling orders began to appear at major exchanges resulting into a bloodbath in the Bitcoin market. At press time, the BTC/USD is valued somewhere around 233 and has just tested a psychological support around $225.

On New Year’s Day, the pair was trading at around $322 – that’s almost a $100 fall within two weeks. Speculators are predicting price to fall up to $200 in the coming days, citing the high volume order books at the major BTC/USD exchanges. Here is one snapshot from BitFinex and BitStamp order books, respectively:

orderbook btcusd

orderbook btcusd 2

As we can notice, the buying volume has somewhat increased in the past one hour. It suggests a little change in trend at this point of time. But a violent rebound is still out of the question until a specific bottom is known. For now, people are just guessing $200 to be that bottom while some are even predicting Bitcoin to test $150 as well.

Meanwhile, Cex.io has already stopped providing cloud mining services until the prevailing bearish trend is resolved. It is hoping to resume operations only when Bitcoin hits the $320 mark. But by looking at the current scenario, further losses seem to be arriving anytime soon. Bulls required, indeed!

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With an upbringing rooted in deep ethical values, Yashu Gola knows how to put honesty and dedication into his articles. This young and dynamic financial analyst has done his graduation in IT engineering. His interests in financial writing have once brought him to our digital doorsteps. Since then, he has been an integral part of ForexMinute.com and writes the most captivating news-articles on the foreign exchange industry, cryptocurrencies, and medical marijuana trading.
  • Neal Palmquist

    Ahh, never get time for a break being a hater 😉