The day started with Bitcoin trading at around $7,338. The bulls were left disappointed moments later as it dropped to around $7,271. The downward trend continued as the Bitcoin price dropped to $7,174.
The market trend went bullish for the first time today as Bitcoin moved up sharply to $7,271 before dropping to $7,184. It moved up to $7,342 immediately after. A period of short downward movement was followed by an uptick as the Bitcoin price hit $7,363. The market went bearish again as it dropped to $7,235. A period of upward movement followed. The day ended with Bitcoin trading at $7,342.
Many Bitcoin investors were skeptical about an upward movement in the price today. Firstly, the Bitcoin price has been hovering between $7,200 and $7,800 in the last three days. Secondly, the Bitcoin price didn’t move up significantly the previous day. There was no major announcement yesterday, and the forces of demand and supply were expected to control the market trend.
BTC/USD 24-hour chart provided by Trading View
There were three major reversal periods today. First was when the Bitcoin price moved from $7,174 to $7,271 after a sharp drop from $7,342. The second major reversal happened when it moved from $7,184 to $7,339 after a period of downward movement. The third reversal happened immediately after the second, as the Bitcoin price dropped suddenly to $7,235.
There is no major news concerning cryptocurrency powerhouses like Russia and China. Many Bitcoin investors are beginning to think that celebrating Christmas with Bitcoin at $10,000 is becoming a distant dream. We expect the price to stabilize around $7,500 or drop to the $7,100 region.
Market trend: uncertain
High (24H): $7,362
Low (24H): $7,174
Market cap: $ 132,725,600,571 (data provided by Coinmarketcap)
Volume (24H): $17,191,969,366 (data provided by Coinmarketcap)
The day started with Ethereum trading at around 0.021682 BTC. The price moved up immediately to around 0.022498 BTC. The market went bearish as it dropped to 0.021682 BTC which was followed by a sharp drop to 0.018870 BTC. The day ended with Ethereum trading at 0.020684 BTC.
ETH/BTC 24-hour chart provided by Kucoin
High (24H): 0.022498 BTC (data provided by Kucoin)
Low (24H): 0.018870 BTC (data provided by Kucoin)
The day started with Ripple trading at around 0.00003577 BTC. The price of Ripple moved up to 0.00003762 BTC immediately after. It dropped moments later to 0.00003126 BTC. A long period of almost-linear price movement followed. The day ended with Ripple trading at around 0.00003126 BTC.