Bitcoin Struggle: Bear Back in Town?
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ANALYSIS
After breaking the $ 20,000 mark on Dec. 17, Bitcoin suffered a substantial correction of up to $ 12,000 before rebounding and settling between $ 13,000 and $ 15,000. However, the digital currency has suffered some setbacks since the monster rally, prompting some to wonder if the barrel could end.
The bear sign?
The 2013 calf race ends with a dramatic fall of the mountain. Gox, and so far, nothing big has happened to Bitcoin. Nevertheless, it is always possible that the end of a remarkable 2017 round can die by a thousand pieces.
Last year, China first banned ICO and then closed the cryptocurrency exchange in the country. Now the government is aiming for mining. China has long been a Bitcoin mining center, largely due to the country's low electricity prices. Now the Chinese government is considering restricting access of Bitcoin miners to inexpensive resources, which will significantly alter the Bitcoin mining economy.
There is also a change in Bitcoin's dominance factor as many see their digital currency portfolio diversify into altcoins with better performance. Coins like Ripple, Ethereal and Tron have jumped in value, essentially stealing market share from Bitcoin. Recently in March 2017, Bitcoin generated 85% of total market capitalization across the market. Currently, the dominance or market share of Bitcoin, has dropped to an all-time low of 33.6%.
The world's second largest country, India, is starting to look hostile as its government seeks to tighten rules on digital currency. Recently, an advocate for Public Interest Litigation proposed to immediately regulate the flow of Bitcoin in and out of the country.
In Venezuela, where Bitcoin evolved due to unrest and economic damage, President Maduro has ordered the publication of the country's own digital currency, Petro, which may be regarded by Venezuela as a Bitcoin competition. However, it should be noted that a country that officially issued its own digital currency of course adds legitimacy to the concept of cryptourrency as a whole. Furthermore, since Maduro could not resist printing Bolivia's almost infinite inventory, it is likely that Petro will eventually experience the same hyperinflation.
The graph is uncertain
The graph is unclear, with Bitcoin's current price in consolidation pattern. Expect this "triangle" side to break up or down the end of this month. Volume also fell, below the 30 day moving average, but this is common in the consolidation phase.
It should be remembered that an increase from $ 9,000 to $ 20,000 takes place in just three weeks, so the market may take some time to get its legs back underneath.
sumber : cointelegraph.com
editor: abunajwa