Selling pressure dropped, but if there is another wave Bitcoin may slide below 3000$

The price of Bitcoin seems to be becoming stable over the past two days with the leading cryptocurrencies price sticking around the $3,400 after it dropped to a yearly low of $3,210 at the start of December.

As reported by CCN:
On a weekly basis, Bitcoin (BTC) is up six percent from $3,210 to $3,400 but the cryptocurrency market has lost $14 billion of its valuation against the U.S. dollar mostly due to the underwhelming performance of major digital assets and the plunge in the value of ERC20 tokens.”

The price of the third biggest cryptocurrency, Ethereum has made a slight recovery in a similar state with Ethereum recording a gain of eight percent from $83 to $90. If we take a look to Bitcoin Cash though, the price remains at its current price of $98.

The increasing buy walls on some of the bigger digital asset trading platform indicate that smaller groups of investors are starting to come together while it remains highly volatile in a enclosed price range.

To drop below the current level, more traders on Know Your Customer enabled exchanges will need to get through the large buy wall and thus will lead to quite an intense sell-off.

If a sell-off is to happen, on a big scale, then the volume of Bitcoin on a daily basis, which hovers just above $4 billion would have to surge above the monthly high over $6.5 billion.

Over the past week, the volume of the leading cryptocurrency has kept on falling as the price of the asset stabilised in the $3,300 range. The drop in the number of Bitcoin shows that the selling pressure on the currency has dropped after it declined to a new low for the year.

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