Bitcoin was below $ 4,000, but there’s no panic!Mar 28, 2019
According to CoinMarketCap, on March 25, the BTC price reached $3934, the lowest value in the last 11 days. The breakthrough of the psychological support level of $4000 could have become a strong bearish signal for many traders and investors. However, surprisingly, the activity of sellers was quite low. While the price of BTC was reducing, trading volumes were not high. But under the level of $4000, the activity of buyers increased markedly, which was very noticeable in terms of volume increase.
BTC trading volumes
The BTC trading volume, at the time of the price reduction from $4000 to $ 3935, increased from $ 9.2B to $ 10B. At the same time, during the consolidation of the price below $4000 and further growth to $4050, the volume did not fall below $10B, and the price increase was accompanied by an increase in volumes to $ 11.4B. The trading volume, during the BTC price growth, increased by more than $ 2B. At the same time, previous growth waves observed in March were not accompanied by such a strong increase in trading volumes. All of this may indicate the willingness of buyers to resume growth in the long term.
To implement the bullish scenario, the price must overcome the resistance level of $4150, which is the nearest target for buyers.
Сharlie Lee says that more powerful price cuts are possible
The creator of Litecoin Charlie Lee says that the price has not reached a critical level yet and, accordingly, market participants are relatively optimistic about the long-term prospects. He compares the sentiments of the crypto community with the period 2015-2016.
“We have not yet reached the critical level that was achieved last time, and I hope that we will not reach. But at the same time, I would not be surprised if there will be another wave of sales, after which it will take much longer to recover. This may last one year, and maybe more. It’s hard to predict such things, ”commented Charlie Lee.
The creator of Litecoin made an obvious statement, arguing that the lack of rapid price increases has a positive effect on the development of projects. He explains this position with the fact that people do not think about the race of prices, but try to focus their attention on the development of new products and their improvement.
“We have been actively working to add more features to the Litecoin protocol. In particular, we are talking about the problem of interchangeability. The possibility of implementing MimbleWimble technology through expansion units is also being considered, thereby ensuring the confidentiality of transactions, ”says Lee.
$ 5000 for old Bitcoin wallets
The user of WalletBuyer offers to buy old Bitcoin wallets for $5000. This message appeared on BitcoinTalk.
There are already quite a lot of different guesses about the author of this message. Many have suggested that only Craig Wright or Faketoshi, as he is often called in the crypto community, can be interested in buying old wallets. It is worth noting that the announcement indicates 2008 when the first bitcoin block was not yet generated.