The price of bitcoin fell to a new annual minimum in $3200
The price of bitcoin fell to a new annual minimum in $3200

On December 14, after quite long delay at the level of $3400, the price of bitcoin fell to a new annual minimum in $3200.

As a result of such falling other large cryptocurrencies, including ETH, XLM and BCH, also suffered heavy losses in relation to US dollar.

For the seven-day period the price of BCH fell more than by 25%, despite falling almost on a half of the cost last week.

Earlier cryptocurrency trader under the pseudonym Crypto Dog assumed that it can be the risky period to start the auction on a short-term trend of bitcoin because of its volatility and low price range.
“At bitcoin the lowest daily price of closing. Whether there is still a chance of growth before falling? Can be. But I do not put on it”, – he commented on a situation.

Other large technical analyst of DonAlt expressed similar opinion, having said that until the price of bitcoin does not overcome the main levels of resistance of $3600 and $3800, there is a great risk for an entrance to a long position on a short-term trend.

“On graphics there is no big support yet. The former fields of support pass into resistance. Until it changes – it is worth steering clear of long supports”, – the analyst advises.

For the last six months the vast majority of the main cryptocurrencies and tokens of ERC20 dropped by 50%-80% in comparison with bitcoin which price fell almost by 85%. For example, that the bitcoin fell to the size similar to air, it should decrease by 72% of its current price.

As the cost of the first cryptocurrency falls, and the companies of the venture capital recede from the cryptocurrency sector in the conditions of the falling market, the cryptocurrency will probably not be able to initiate break above a mark of $4000 in the next weeks.

This week Barry Silbert, the founder and the CEO of the major venture company Digital Currency Group (DCG) specializing in cryptocurrencies said that firms of the venture capital began to refuse transactions with the companies of the cryptocurrency sector.

“We saw how for the last month failed from a half-dozen of transactions on fund raising. In the crypto-venture environment not everything is good – it is a high time to remind founders that the signed contract does not equal cash in bank”, – he reported.

As the prices for cryptocurrency fall, and firms of the venture capital are discharged, additional investments will be hardly enclosed so far the market will not begin to be restored.