The steady up move of Bitcoin Gold has succumbed to a major sell-off witnessed wide across all cryptocurrencies. While a vast majority of them retraced back to decent levels, some even making new all-time highs, but it seems like investors are absent from BTG’s counter. Looking at the volumes, the future of BTG seems to be in the dark.
Despite having delivered over 1000% returns in the year 2021, the absence of trading volumes in BTG raises the question over its potential compared to leading cryptocurrencies with a Bitcoin-based proof of work protocol. The BTG price has fallen to the 89th position according to market capitalization and holds just a little of $1 billion in valuation.
With close to 82% of this coin already circulating in the market, the lack of holding it can ultimately become the biggest reason for its downfall. Despite having the total number of coins being equivalent to that of Bitcoin, the lowering volumes are a price drop of worrisome indicators.
Bitcoin Gold Price Analysis
At present, the price movement on Bitcoin Gold resembles that of a consolidative move. Visible signs indicate the further downfall of BTG.
Bitcoin Gold has the very strong support of 200 Days moving average currently active at $ 61 levels and resistance of $ 90. Being trading close to its immediate support levels followed by the strength indicator being neutral, there is a good opportunity to buy since BTG can attempt to retest its immediate resistance of $ 90.
The current consolidation zone is active between $ 63.5 on the downside as buying and $ 69 as a resistance level. With immediate support being very close to the current trading levels, a breakdown here can strengthen the selling pressure on BTG.