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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin (BTC) Prices Down but Low Volumes above $3,800 Mean Bulls

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis altcoins

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  • Bitcoin prices crumbling, $3,800 likely
  • Adoption slowed down. Twitch no longer supports Bitcoin and crypto as payment
  • Participation level shrinks in response to low prices, volume averages 6.6k

By removing crypto support, Bitcoin adoption is taking a hit and partly fueling the current price meltdown. At this rate, it is likely that Bitcoin will retest $3,800, but that is dependent on participation levels.

Bitcoin Price Analysis

Fundamentals

Twitch, streaming service owned by Amazon has silently removed Bitcoin as subscription payment options for their global audience. By 2018, the company had more than one million users on average and over 2.2 million broadcasters. Before this change, Twitch users could pay for their subscription using Bitcoin (BTC) through BitPay.

Coincidentally, this decision come days after another Redditor noticed that Streamlabs upgraded and their new version doesn’t support cryptocurrencies. So far, there has been no official comment from Twitch explaining their decision.

Regardless, some users were angered and resorted to canceling all their subscription. Their frustration is reasonable. Twitch and Streamlabs had a fruitful synergy, and the popularity of the latter skyrocketed when a broadcaster received $70k in Bitcoin donations on Jan 12, 2019.

https://twitter.com/CoinRivet/status/1084858963261296640

However, commentators are speculating that low volumes could be a reason why. Another argument could be the lack of smart contract capability within the Bitcoin blockchain that allows for schedule payments like those common in custodial wallets as PayPal.

Candlestick Arrangement

Bitcoin

After a stellar first half of Mar 2019, bears are back, and assets are back to red. At the time of press, Bitcoin (BTC) is down 1.3 percent and trading within a three-bar bear reversal pattern near our anchor bar’s highs.

Because of yesterday’s draw-down, BTC is melting, and bulls are at a disadvantage and unlikely to reverse losses of Feb 24. Therefore, at this pace, it is likely that prices will trend back to $3,800, our breakout level.

As such, the complete reversal of Mar 21 gains and a close below the flexible support line in the 20-day MA means sellers are in control. In that case, we suggest exiting longs as bears step up with the first level of support expected at Mar 5 lows at around $3,800.

Technical Indicators

Despite these lower lows, we are optimistic that prices will recover thanks to low volumes accompanying the drawdown. Note that Mar 25 bar was bearish but with low volumes at 6.9k. That is more than half that of Mar 16 at 13.9k. Even so, the dominant trend must have high volumes and if today’s bar closes a bear with increasing volumes, odds are BTC will sink to $3,800 as sellers of Feb 24 flow back heaping pressure on the asset.

Chart courtesy of Trading View

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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