New Price Data Suggests Bitcoin Could Be About To Make A Major Move
New data, first reported by financial newswire Bloomberg, now suggests bitcoin could be in for further pain after five weekly bitcoin price declines in a row, with the cryptocurrency’s trading range at its narrowest since October—which last year heralded its sudden fall from over $6,000 to around $3,500 in a matter of days.
The latest worrying bitcoin price technical analysis follows a warning from the chief executive of blockchain company Civic that crypto winter, which the long-running bitcoin bear market has been branded, could go "nuclear" if the bitcoin price falls much further.
The bitcoin price has been holding steady at a little over $3,400 so far in February, after dipping under $3,500 in late January, according to CoinDesk's price tracker.
Some $400 billion in value has been wiped from the cryptocurrency market over the past 12 months as adoption stalls and banks put closely-watched plans to wade into bitcoin and cryptocurrencies on hold.
Bitcoin's epic 2017 bull run, which saw the bitcoin price climb from under $1,000 to almost $20,000 in less than 12 months, was largely put down to expectations institutional investment and big bank support for bitcoin would soon arrive. As 2018 dragged on and that investment failed to appear many investors and traders got cold feet, bailing out of their bitcoin and cryptocurrency positions.
The crypto winter has caused many bitcoin, cryptocurrency and blockchain startups to slash jobs or shut down already and a further turn for the worse could spell disaster for the burgeoning bitcoin sector.
The latest data piles the pressure on bitcoin and cryptocurrency traders after numbers last month showed bitcoin had entered a new selling trend for the first time since mid-November.
The bitcoin faithful, including Twitter chief executive Jack Dorsey, remain unconcerned by bitcoin's steady price decline, however.
Dorsey last week reiterated his expectation that bitcoin would eventually become the internets first "native currency."