Bitcoin in a Bear Trap But you are Looking at the Wrong Charts
Bitcoin is yet again below $4k after falling to $3,500 yesterday. According to eToro’s senior analyst, Mati Greenspan, the next support area is between $3k and $3,500. Meanwhile, the average users, total transactions, and lightning network capacity is on an upward move.
Price Drops below $4k yet Again
Yesterday Bitcoin hit $3,500. Last time the leading cryptocurrency went this low has been in September 2017. Though Bitcoin started the day in green at $4,100, it dropped below $4k yet again to $3,970. With a market cap of $70 billion, it is currently managing the daily trading volume of $6.4 billion.
Bitcoin price chart, Source: Coinmarketcap
According to Mati Greenspan, the senior analyst at eToro, the next support area is between $3,000 and $3,500 as $4k wasn’t that important level anyway.
Reposting this chart from four days ago. $4,000 was never an important level anyway.
Next area of support is between $3,000 to $3,500. https://t.co/YvtDePt9dR
— Mati Greenspan (@MatiGreenspan) November 25, 2018
ShapeShift CEO, Erik Voorhees says, “The collapse is simply the euphoria stage of the bears.” While trading veteran, Peter Brandt shared on Twitter,
$BTC is entering the stage of its life cycle when stale and weak money capitulates and strong hands accumulate strategically
— Peter Brandt (@PeterLBrandt) November 25, 2018
However, bears are everywhere. In the traditional stock market, FAANGs (Facebook, Apple, Amazon, Netflix, and Google) have lost a trillion bucks in market cap. While global growth continues to slow down.
Bitcoin Network Expansion
Currently, the fall in bitcoin hash rate and the ifficulty level is following the drop in Bitcoin price. This has led to the shut down of thousands of mining rigs as profitability takes a severe hit for miners, especially smaller ones.
Meanwhile, as pointed out by Bitcoin enthusiast, Kevin Rooke, we need to focus on more imperative factors,
Bitcoin is averaging over 680,000 active users per day in November.
The last time Bitcoin broke that benchmark? February 2018.
If you’re following prices, you’re looking at the wrong charts. pic.twitter.com/Y7aOwrmsxR
— Kevin Rooke (@kerooke) November 16, 2018
The total number of transaction on the network is constantly increasing despite the drop in bitcoin price. Moreover, the aggregate number of confirmed Bitcoin transactions in the past 24 hours has reached over 2 million at 224,888.
Source: Blockchain.com
While the cost per transaction is reducing as shown in the below graph,
Source: Blockchain.com
Moreover, according to the latest data, the capacity of the lightning network is reaching new heights as it surges by over 300 percent to approximately 450 BTC. Also, the number of nodes have just about reached 4,200.
What are your views on Bitcoin price fall while other facets of the network keep on developing?
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