© Reuters Bitcoin down modestly on Friday, chartists closely eye key support level
Proactive Investors – Major crypto markets were trading lower in Friday morning’s deals, with down 0.6% changing hands at US$16,504.
It marks a comparatively modest 2.09% decline over the festive week.
Nevertheless, according to crypto analyst Marcus Sotiriou the technical trading picture looks brighter, if it can stay above a key level on the charts – otherwise it is predicted to drop notably lower still.
“Bitcoin is hovering above a critical up-trending line of support and if it fails to hold could mean that Bitcoin trends back down to the low of $15,500 in the short term,” said Sotiriou, analyst at crypto broker GlobalBlock.
“Despite the bearish price action we have seen over the past year, Glassnode data indicates that Bitcoin whales have continued to accumulate.”
Citing data from Glassnode, the analyst said the number of Bitcoin ‘whale’ addresses (entities on the blockchain with more than 10,000 Bitcoin) have risen sharply this year as big long-term bulls shopped for bargains.
“This means there is a significantly larger portion of Bitcoin whales now compared to the start of the year, as whales have decided to accumulate more Bitcoin whilst It is discounted,” Sotiriou noted.
Elsewhere, like Bitcoin similarly dipped 0.6% to US$1,192, which leaves it 2.49% lower for the past seven days.
Amongst the old coins Ripple’s token is down 2.33% on Friday and is off 3.5% for the week, whilst Cardano’s ADA was 1.66% lower today and down 6.7% over seven days.
was, as it frequently is, the most volatile among the so-called old coins as it fell 4.2% in the past 24hrs and is down 12.6% since last Friday.
Read more on Proactive Investors UK