Early Selloff Could See Bitcoin Test Yearly Lows

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Last week we saw something of a cooling off in the markets after a period of volatility, with suggestions abounding that a mini bull run was imminent. So far this hasn’t materialized, and Bitcoin saw a 3% fall late on Sunday and into Monday that led a market-wide slip which, while not catastrophic, has many alts dropping back to their support levels, which could very well lead to further downward moves and spell the end of this optimism.

Ethereum’s Constantinople upgrade seemingly wasn’t enough for it to avoid the market-wide drop, down around 7%, while only one of the top 50 coins (stablecoins aside) are in the green.

Ravencoin and Binance Coin Swim in the Green

Ravencoin (RV) bucked the trend and had a wonderful weekend, finishing up 62% from Saturday morning. This was seemingly purely down to technicals, as no news came out of the Raven camp to warrant such a boost. Populus (PPT) experienced 15% spike Sunday before immediately dropping down again, reminiscent of a pump and dump event, ending the move only 2% up on its Friday price.

Binance Coin (BNB) recovered nicely from its post-Fetch.ai launchpad dump last week, where those who didn’t get into the ICO sold the BNB tokens they had bought in anticipation of it. This had caused the token to instantly drop 15%, but since then it has been on a steady rise and ended the weekend not just back to where it was but a few cents up from the pre-dump price, showing just how strong the fundamentals of the token really are. These were the only noteworthy events in terms of price action to happen over what was a slow weekend, leading into Monday’s slip.

March Starts on a Tightrope

The downturn puts us in a slightly precarious position as the week begins. Bitcoin’s inability to hold past $3,900 has now left many holders nervous, with predictions now swinging to the lower levels we saw in early February and perhaps testing the yearly lows. Those who profit from volatility could be in for a good week, while those seeking positive price action could be in for a nervy start to March.