The bitcoin price on Saturday dove below the $4,000 mark for the first time in 2018, forcing the flagship cryptocurrency to a new yearly low.
Technical analysts had predicted that further losses awaited bitcoin over the weekend, and those bearish forecasts were proven correct. After extending as high as $4,370 in the early morning hours, the bitcoin price spent the majority of the remainder of the day on a gradual decline.
BTC/USD | Coinbase
A gradual decline, that is, until around 21:10 UTC, when a surge in sell volume plunged bitcoin back toward $4,000, a mark it had successfully defended earlier in the week. Today, however, support faltered, and BTC/USD crashed through both $3,900 and $3,800 before reaching a new yearly low at $3,755 as of the time of writing.
Now that the market has proven unable to sustain the $4,000 level, many analysts have fingered $3,000 as BTC/USD’s next crucial support level. Genesis Capital CEO Michael Moro, for instance, had previously predicted that the bitcoin price would find a bottom near $3,000 before ultimately beginning the long grind back into bull territory.