Bitcoin News: After a very – very brief recovery at the start of the week, Bitcoin (BTC) established a fresh yearly low on Friday morning, pulling down the whole of the cryptocurrency market further.
Many crypto analysts have reasoned that BTC would fall to the $3,000 region, before making a bull run. Following their prediction could not defend the $4,000 level and moved towards the impending drop to the $3,000 region. While the BTC/USD has not broken that next crucial level yet, it seems that is not that far away. At 1:25 UTC, on Friday morning BTC dove to a new yearly low at $3,311 after trading as high as $3,849 less than 24 hours prior.
At the time of the writing, BTC/USD was hovering near $3,344 on Coinbase, representing a single-day decline of just under 10%. The current drop might be attributed to another delay in the Securities and Exchange Commission’s decision over the VanEck’s latest bitcoin ETF proposal until February 2019.
Notably, everyone has been expecting SEC to push the envelope further, so it seems unlikely the delay might not be the one that pushed Bitcoin off the edge. The bad news is that the technicals continue to look poor for the crypto market, some analysts like g Bloomberg’s Mike McGlone, went on to predict that BTC will touch a mark as low as $1,500 and would battle for recovery almost all through 2019.