In the last 24 hours, the Bitcoin price dropped from $3,874 to $3,764 by 2.8 percent, leading major crypto assets such as Ethereum and EOS to lose well over 5 percent of their value against the U.S. dollar.
The valuation of the crypto market fell by $4 billion from $130 billion to $126 billion, dropping to the $120 billion region for the first time since mid-February.
Traders Not Optimistic About Short-Term Movement of Bitcoin
Earlier this month, one cryptocurrency analyst suggested that the longer Bitcoin remains in its tight range from $3,300 to $4,000, the higher the probability of the asset declining below key support levels gets.
Since the start of the 15-month bear market in January 2018, Bitcoin has tended to record a large drop in value following an extended period of stability.
The longer we stay stuck in this range the more I feel like we will mirror the price action from September 20, 2018 – November 25, 2018. This is what that would look like. $BTC #Bitcoin pic.twitter.com/oaR7VTA4dk
— Financial Survivalism (@Sawcruhteez) March 2, 2019
For well over three months, BTC has barely moved out of its tight range in the $3,000 region, struggling to test crucial resistance levels above $4,200.
As such, an increasing number of traders have started to wait out and observe the short-term price movement of the crypto market before engaging in any trade.
“This is why I’m sitting out here, market is extremely undecided, rarely seen so much ‘around POC’ chop. I wouldn’t trust any move from here, could take a while until I decide myself to re-enter a position.