The crypto market has an excellent start of the week, as the value of crypto industry increased by $29 billion, jumped from $100 billion to $129 billion. The crypto market has faced sudden growth in the Bitcoin prices; around 30 percent increase in valuation of the crypto market.
With all the up and downs in the past, many experts in the industry questioned the sustainability of the crypto market. However, following the latest growth of crypto market – where BTC prices led to cross the $4000 mark, many technical analysts in the crypto market have expressed their concern towards the growth momentum of crypto assets.
Crypto Market Stability
A trader in the crypto market, with an identity “The Crypto Dog” said that with the recent rally of the leading crypto asset Bitcoin, the price trend of Bitcoin has become worst – due to the recent pullback of BTC prices to $3700.
The trader further added that if the leading cryptocurrency fails to rebound from $3,635, then the rally of the crypto market will reverse in a short period on December 19.
The trader quoted:
“I’m astounded with how terrible BTC looks after just two hours. It could not have become more rekt in a shorter amount of time.”
A crypto market analyst, Hsaka, stated that the dominating crypto asset has already been dropped to the initial resistance zone. According to him, in the upcoming days, there is a huge risk of Bitcoin falling back to $3500 region.
“I was out of all my longs yesterday once we hit the target, missed out on today’s move. Bitcoin flipped the resistance zone as support and commenced another leg up, sweeping the 3840 stops. It looks like we have retraced back to previous resistance zone.”
Next Steps to be Followed in Crypto Market
In order to recover from the sell-offs of the year, the crypto market has to focus more on stability and smooth increase in value. This sudden jump in the prices of the crypto market assets led to a big drop in values – due to the increase in vulnerability of the crypto market. Presently, per day trading volume of Bitcoin is around $6.6 billion.