Epic loss
On December 2, the CCN reported that if the price of the dominant currency, the dominant currency, drops to less than $ 4,000 and fails to recover to the range of $ 4,200 to $ 4,400, then there could be further declines in the region Worth $ 3,000. The report states:
"A technical analyst with the pseudonym" The Crypto Monk "said that if the BTC maintains a support level of $ 4000 within the next 12 to 24 hours, there is likely to be a rally and recovery to the range between $ 4200 and $ 4,400. But if it fell for $ 4,000, has been close to do so early in the day, there may be another short-term correction "
Since Sunday, BTC has seen a decline in its daily trading volume from around $ 6 billion to $ 5.2 billion as its price falls. Under normal circumstances, during a downward trend, BTC trading volume tends to rise as more orders enter the market.
The decline in the volume of BTC trading, with its price dropping nearly 4% in the last 12 hours, indicates that the currency is showing a low momentum without significant strength at the $ 4000 support level to maintain a positive short-term price movement.
Over the past five days, perhaps because of the positive meeting between US President Donald Trump and Chinese President Xi Jinping on a possible trade agreement, Dow Jones and US markets have risen significantly in value.
Since November 27, the Dow has gained 1,065 points, recovering almost entirely from the month-long downward trend, losing all its annual earnings over a three-week period.
However, as the US market rebounded, the digital currency market continued to show a lack of strength and volume.
Catalysts for markets
The recovery of the US stock market, which was expected by most investors due to the inevitability of the US-China trade agreement, had no effect on the price trend in the digital currencies.
Last week, several reports claimed that while investors in the US market were leaving the market, high-risk, high-reward assets such as digital currencies were liquidated first, before conventional instruments and assets.