New Bitcoin Record Paints Incredibly Bearish Picture As BTC Struggles At $19,000

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,236,421,319,734	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,236,421,319,734

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-819.11	-1.29%	62,919.92	62,919.92	62,920.54

Price Change

Price Change %

Current Price

Bid Price

Offer

-819.11

-1.29%

62,919.92

62,920.54

High Price	Low Price	Open Price	Prev. Close	52 Week Range
63,900.00	62,445.06	63,748.82	63,739.03	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

63,900.00

62,445.06

63,748.82

63,739.03

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	09:35:27	0.000137	62,919.92	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

09:35:27

0.000137

62,919.92

USD

Price x Volume	Volume	Base Symbol	Related Pairs
195,081,665.43	3,097.60	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

195,081,665.43

3,097.60

New Bitcoin Record Paints Incredibly Bearish Picture As BTC Struggles At $19,000

01/07/2022 6:00pm

NEWSBTC

Bitcoin has been setting new record trends with the bear market. This follows a bull market that had also deviated largely from its predecessors, so it comes as no surprise that the subsequent near market mirrored this behavior. Various new trends in bitcoin’s movement have cemented a bearish picture for the digital asset, and the latest in the line of records has only done more to cement this sentiment. Worse Quarterly Close In More Than A Decade Bitcoin has been in existence for about 13 years and in that time, the barely teenage-aged market has recorded its fair share of bad quarterly closes. However, in the last 11 years, none have been as brutal as the close that was recorded on June 30th. After a month of incredibly volatile prices, the month had closed out the quarter with three consecutive red monthly closes. Related Reading | Bitcoin Enters Hibernation Mode As Network Activity Lulls This comes hot on the heels of the market crash that had rocked the market this year. Bitcoin which leads the market had fallen about 60% from its price at the beginning of the quarter and had brought down the entire market with it. This had seen the crypto total market crash drop below $1 trillion for the first time in a 16-month period. The digital asset had closed the month at $19,918 after entering the month with an average price of $30,000. This had dashed the hopes of investors and the decline has left in its wake a number of events that continue to threaten the prices in the cryptocurrency market. BTC struggles to hold $19,000 | Source: BTCUSD on TradingView.com Bitcoin Investors Are Not Impressed Even though predictions had been incredibly bullish for the year 2022, it has since gone sideways. This has triggered investors to move their funds out of the market for fear of incurring more losses. Also, following previous historical trends, it remains highly possible that the digital asset may crash more before there is any significant recovery. Related Reading | Decline In Ethereum Futures On CME Suggests Institutional Investors Are Still Bearish Looking at the indicators, it shows that bitcoin has struggled to hold the important technical levels required for a recovery in the short term. It has been trading below its 200-week moving average for the first time in history, and this has deepened negative sentiment in the market. Although the digital asset has been moving away from established historical trends, there is still a high chance that it follows some of the previous market movements. One of these is when the bottom is usually in. Sticking to this would mean that the price of bitcoin will likely touch as low as $12,000 before the next bull trend resumes. Featured image from Coin News, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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