Bitcoin Price Plunge to $3,700 Expected, Say Traders; Retreat is a Blessing For Crypto

Following a rapid surge in the Bitcoin price from $ 3,614 to $ 4,000 within a span of three days, traders are expecting BTC to retrace by around 7 percent to $ 3,700. The cautious projection on the price trend of the dominant crypto asset comes after the failure of BTC to climb beyond the crucial $ 4,000 resistance level. On February 19, BTC achieved $ 4,000 across major crypto exchanges including Bitstamp and Binance. Shortly thereafter, it fell to the low $ 3,900 region and today, below the $ 3,900 level. What does Will Bitcoin Pullback mean For the Rest of the Crypto Market? The price

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Traders: Bitcoin Trend Looking Ugly, Why a Slow Drop Below $3,000 is Expected

In the last 24 hours, the crypto market has slightly declined by $ 2 billion in valuation as the Bitcoin price fell by one percent. The decline in the value of major crypto assets in the likes of Ripple (XRP) and Ethereum (ETH) which recorded drops in the range of three to five percent prevented the market from continue recovering. From January 30 to January 31, the crypto market seemed to be rebounding as its valuation rose from $ 111 billion to $ 115 billion. But, in the past 12 hours, the valuation fell back to $ 112 billion, unable to sustain its momentum.

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