Bitcoin price fluctuates in the range 3,940 USD, failing to conquer the key resistance of 4,000 USD. Today, the cryptocurrency market coloured mostly in red with Ethereum and Litecoin decreasing by 1.3% and 1.4%, respectively, while Bitcoin lost a minimum of 0.5%.
Ripple was among a few cryptocurrencies which rose today but adding only 0.35%.
The total value of the cryptocurrency market stalled at 134.281 billion USD.
In the past 3 months, the Bitcoin price has been relatively stable, performing strongly against the US dollar with solid volume across major markets in the likes of the US and Japan.
Since December 16, within a 3-month span, the Bitcoin price has increased from its yearly low at 3,122 USD to 3,943 USD, testing the 4,000 USD resistance level.
The stability of Bitcoin has led many tokens and alternative cryptocurrencies to record large gains against both BTC and the USD, with assets Litecoin, Enjin Coin, and Kyber Network surging by 50% to 100% in short time frames.
Last week Bitcoin registered a steady growth over the support of 3,700 USD. The cryptocurrency climbed higher and found above the resistance level of 3,800 USD and 100-day SMA.
However, the price was facing a strong resistance close to the 3,900 USD level. There have been many attempts to break the 3,900 USD barrier, but buyers have failed.
As a result, there has recently been a sharp decline below 3,850 USD. The price even fell below the 3,800 USD and 100-day SMA.
The price of Bitcoin jumped from 3,760 USD. Just after that, the buyers broke the resistance at 3,900 USD and 100-day SMA. A new peak is formed near the 3,945 USD level and the price is currently consolidating profits.
The price of Bitcoin tests 23.6% Fibo rate of the last increase from 3,765 USD to 3,945 USD. On the downside, there is strong support that is close to the 3,850 USD level. The 50% Fibo rate of the last increase from 3,765 USD to 3,945 USD is also close to 3,855 USD.
More importantly, there is a decisive ascending channel with 3,830 USD support. Therefore, the Bitcoin remains well supported in the downward direction near 3,850 USD and 3,830 USD. On the upside, the price has to overcome the 4,000 USD barrier for more profits in the near future.
The price of Bitcoin is obviously trading with an upward trend of over 3,850 USD and 3,830 USD. The main support is 3,800 USD under which there is a risk of more losses. On the upside, a break above the 4,000 USD resistance could pave the way for a test at the 4,100 USD and 4,200 USD levels.
Bearish crypto market affected ICOs
The bearish crypto market stuck for more than a year, and it is unclear when the bulls will start to appear again.
This trend of bears affected the ICO most strongly. Despite the skeptical approach of retail investors, more than 48% of current ICOs still do not have the Minimum Viable Product (MVP).
The Minimum Viable Product or the minimally applicable product is a product that is sufficient to satisfy the curiosity of early customers and investors about the capabilities of a company or team. In most cases, MVP is created and presented before a company or team is looking for external funding.
Several crypto projects will attract the community with their plans and fundraising forecasts. However, with the added difficulty of raising funds during the bear market, it is stunning to see ICO projects without MVP.
The number of completed ICOs has been decreasing since the beginning of 2018.
In February 2019, Icobench reported 78 completed ICO, which is about half reported in January. Moreover, only 23 of the February ICOs February have raised funds. However, 11 ICOs have deferred for the next few months.
ICO’s success rate dropped to 29% in February (compared with 32% in January), but there is an upswing.