Despite an encouraging boost in price in the last few hours, Bitcoin’s price has failed to break back above the $4,000 mark thus far.
An early morning (UK GMT) boost in trading volume has seen over $200 added to the price of Bitcoin (BTC), but has failed to propel it back above the $4,000 mark after it lost support their in the mid-afternoon of yesterday (December 3rd).
At the time of writing, according to the CryptoCompare Index, which aggregates pricing from a wide range of exchanges, Bitcoin is sitting at $3,989 – having briefly been as high as $4,017 in the last hour, but failing to find additional buying interest above that important waterline.
The drop of yesterday evening, and the boost at 6am this morning, seems to have been triggered by Bitcoin crossing nominal pricing points. The drop off of yesterday afternoon followed a much slower slip below $4,000 in the preceding hours, while this morning is came as a quick reaction to a fall below $3,800.
These sudden moves have returned along with depressed volumes – recalling trading conditions in the Autumn where largely steady sideways price movements were regularly punctuated by large buys or sells that were enough to shift the market as a whole. Many, including ourselves, came to know these price plateau as ‘Barts’, due to their resemblance to the hair of Bart Simpson – the price action yesterday, is effectively an ‘upside down Bart’, if you will.
Observational humour aside, the reappearance of these price movement contrast against the much higher volatility that Bitcoin trading has seen of late, and could hint that the market has returned to the level of torpor it displayed for much of the third quarter of 2018. This lack of general market interest means, however, that the price of Bitcoin and other coins will remain vulnerable to any large-scale sell offs should events or outlooks not go its way.
It certainly doesn’t hint that a recovery is on the way just yet.