It becomes increasingly unlikely this Sunday will end on a high note for the top cryptocurrency markets. The culprit is not hard to find, as Bitcoin’s dip drags everything down with it. This drop below $5,300 is not entirely surprising over the course of the weekend, albeit it remains to be seen when the Bitcoin price will recover this time around.
Bitcoin Price Downtrend Was to be Expected
Despite a solid week of semi-bullish momentum, it seems Bitcoin has finally hit some sort of minor roadblock along the way. Although there is nothing to be overly concerned about yet, it is possible the losses may mount slightly over the next few hours. As long as BTC remains above $5,200, few people will express their concerns, as there is an equal chance the market will bounce back pretty quickly.
To put this in perspective, the current Bitcoin price is down by 0.99% over the past 24 hours. A deficit nonetheless, although one that only brings the value down to $5,283. Although that level may not necessarily hold, it is not the major setback some traders had expected to materialize. As such, there is some hope BTC will reclaim the $5,300 level pretty quickly and continue its slow and steady uptrend accordingly,
While looking at the price chart is most people’s favorite pastime, there are plenty of other developments to keep an eye on as well. One more interesting tidbit of recent information has to do with LedgerX planning to offer physically settled Bitcoin futures contracts. It would be the first US-based firm to successfully do so, which is something worth keeping an eye on.
26. ConsenSys seeks $200 million from investors after bumpy year
27. LedgerX plans to become the first U.S. firm to offer physically settled #bitcoin futures contracts
28. Japan’s SBI holdings invests in local crypto exchange applicant FXCoinThat’s all folks!
Enjoy— Argy Xafis (@ArgyXafis) April 21, 2019
AskMeHow is seemingly a Bitcoin Maximalist, as this user doesn’t necessarily see much purpose for the majority of altcoins on the market today. In fact, he claims altcoins bleeding value is a bullish sign for Bitcoin in a way. It is not the first time such comments are uttered in the cryptoverse, although there will always be people who effectively oppose such thoughts.
Don’t be fooled, everybody – alts bleeding to death and money flowing out of the market is bullish for #Bitcoin.
— AskMeHow (@AskMeHowToShort) April 21, 2019
While accurate price predictions are very difficult to come by, Frank B Underwood expected Easter to turn into a bloody mess. So far, it seems this user hit the nail on the head, as all markets are bleeding value. Then again, any Sunday can trigger such momentum, thus it seems unlikely the Easter aspect of today has much to do with it.
Will be a bloody Easter
$btc #btc #bitcoin #crypto pic.twitter.com/Wba2LhYYhO
— Frank ฿ Underwood (@CUnderwoo2) April 21, 2019
When everything is said and done, it seems plausible to assume Bitcoin’s momentum will shift again over the course of the next few days. Although no big gains should be expected at this time, the current bearish pressure won’t necessarily trigger major losses either. A blip on the radar, but seemingly nothing more than that.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com
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