The Bitcoin exchange rate (BTC) remains flat and is therefore still below the 8,800 US dollar mark today, after the support of 9,000 US dollars was last dropped.
Bitcoin Remains Flat Below 9,000 US Dollars
As Coin360’s data show, Bitcoin can make up very little ground on Wednesday morning. At the beginning of the week, the market-leading crypto currency had slipped out of its price range between 9,000 and 9,500 US dollars and so far has not been able to heave its way back into it. As Cointelegraph reports, the crypto experts are nevertheless confident about the long-term price development. In the near future, however, as some voices suspect, it could go further down.
“The trend is negative overall…the trading volume is declining. It looks to me like further selling pressure”, as Cointelegraph expert filbfilb already wrote on Tuesday in his Telegram channel.
His colleague Michaël van de Poppe says that Bitcoin could slide back down to 8,400 US dollars if there is no new upswing soon. Such a price level would almost correspond to the annual average as calculated in advance by the stock-to-flow model. Over the week, the picture for the market-leading crypto currency is poor, as there is an overall minus of 6% on paper, although there is still a plus of 5% compared to the previous month.
Van de Poppe nevertheless gives the all-clear and says that such movements are still within a price range, which is why there is no reason to believe that a new downward trend is underway.
Neo leads upswing in Altcoins
Meanwhile, some Altcoins were able to break out of their lethargy and climb up significantly. Today, Neo (NEO) and the Binance Coin (BNB) are the clear winners of the day, each achieving a solid plus of 13.1% and 6.55% respectively. NEO can thus continue its recent upward movements of the past few days.
Ether (ETH), the second largest crypto currency and thus the market-leading Altcoin, today achieves a slight daily gain of slightly more than 1%, which leads to a price level of 187.70 US dollars.