Since hitting a high of $13,924 in June, Bitcoin has been falling steadily for 6 months, reaching its nadir last week when it went as low as $6,500. Fortunately, before the bears had a chance to grab hold, the Bitcoin price pitched a comeback to be proud of, pulling itself above the crucial level of $7,000 and beyond on 18th December.
The coin traded sideways for a few days and then shot up above $7,600 on the 23rd, before resistance at $7,675 pushed the Bitcoin price back down. Yesterday, the Bitcoin price fell to $7,289 before falling further to $7,250 today. Since then, BTC has recovered and is now trading at $7,350 at the time of writing.
While BTC is performing better than it has in recent weeks, the overall outlook still remains bearish. In order to reverse this ongoing trend, the bulls have to maintain the price above the 9-day Moving Average and the 21-day Moving Average.
If that happens, and BTC is able to make a higher high and higher low than recent weeks, we could even see Bitcoin testing resistance at $7,800 and possibly higher. Meanwhile, strong support at $7,255 and $7,275 should keep BTC away from sharp losses, and further support lies at $6,800, $6,600 and $6,400.
Even after enduring a run almost completely devoid of any bullish momentum since June, Bitcoin still remains one of the best-performing assets of 2019. After a dismal 2018, BTC rallied to great heights until June this year before undergoing a correction that hasn’t ended yet.
Still, at times, Bitcoin showed its potential for massive swings, mainly the 42% jump on October 25 and the 18% jump just a few days back. We could see more of this going ahead, and you should hold onto your BTC as we go into 2020.