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:
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!