The price of Bitcoin collapsed by 3.4% at the beginning of the week to 3,473 USD, losing the support of 3,500 USD. The cryptocurrency fell to its lowest price since December 16. Bitcoin failed to overcome the 3,650 USD resistance and eventually went down. There is a sharp decline under the 3,520 USD support that dragged Ethereum, Ripple and the alt-coins down. The price even broke the support level of 3,480 USD and the 100-hour simple moving average (SMA).
Bitcoin is leading the downward spiral following the sharp drop below the ranging channel support at 3,500 USD. The largest cryptocurrency is still correcting lower with declines of 3% on Monday. Looking at the trading last week, we see that Bitcoin was stable between the channel with resistance at 3,600 USD and support at 3,500 USD. However, it has kicked off the trading this week with a sharp dip that has tested 3,400 USD.
During the fall, there was a break below the linking support of 3,485 USD, which opened the doors for more losses under 3,450 USD.
The new weekly bottom was formed at 3,403 USD and the price moved to a bearish area. If there is an upward adjustment, the price may find support at 3,450 USD.
The next resistance is the 23.6% Fibo adjustment rate at the last decrease from 3,672 USD to 3,403 USD. The main resistance is close to the 3,500 USD and downward trend of the Bitcoin chart. Therefore, if the cryptocurrency turns up, it will likely face sellers close to 3,450 USD or 3,500 USD.
Analysts continue to await the end of the protracted bear market, which has characterized Bitcoin since December 2017. Price forecasts for 2019 put the largest cryptocurrency anywhere from plugging lows of 1,300 USD to setting new all-time highs above 20,000 USD.
The biggest loser during the day was Ethereum, which wiped out 7.67% of its value, falling to 106.38 USD. The Ripple is also down by 4% to 0.295 USD. The ninth-largest cryptocurrency, Stellar, reports a double-digit decline of 10% to 0.0894 USD.
The overall cryptocurrency market cap has declined to 114 billion USD, its smallest since mid-December.
However, in the total collapse of the market, there were some winners. The peer-to-peer networking crypto Holo appreciated by 15%, while Pundi X rose by 19%. Both cryptocurrencies are relatively small, outsite the Top 20, but growing rapidly.
Crypto environment in Switzerland and Liechtenstein is growing despite the bear market
Crypto environment in Switzerland and Liechtenstein, according to a study by the Swiss crypto investment company CV VC. The number of blockchain companies increased by 121, from 629 to 750.
Among them are four unicorns – Bitmain, Cardano, Dfinity, and Ethereum.
This remarkable 20% growth has been reported despite the declining value of cryptocurrencies and blockchain business. At the end of 2018, the prices of crypto assets declined and the industry in the world was severely affected. This includes the 50 largest blockchains of the Crypto Valley, whose market valuation dropped from 44 billion USD to 20 billion USD in the fourth quarter of 2018.
A survey of CV VC shows that a total of 15 companies have entered the top 50 in the fourth quarter – 4ARTechnologies, Boscoin, ICON, Mt. Pelerin, ODEM, Quant Network, Sygnum, Saga, Santiment, TokenPay Swiss, HDAC, WPP Energy, Utopiamusic and Zulu Republic.