Bitcoin on a faint note today as the market showed a lack of sense of direction due to low volatility as we are reading more in the latest bitcoin news today.
The benchmark cryptocurrency was trading at around $7,575 after rising up by 0.8 percent since the market opened. The move upside led the asset to get its net month-to-date gains up by 0.4 percent. It further revealed that the traders fear to make big moves after Bitcoin established the seven-month low in November which was followed by an alarming pump and dump behavior on spot exchanges in the starting week of December.
The situation brought bitcoin to get closer to the possibility of undergoing further breakdowns and the price even rejected advances above the $14,000 level which was settled earlier this year. Bitcoin is now under by more than 50 percent and continues to make fresh declines in the descending channel, therefore, Bitcoin on Monday, opened with a faint note. The cryptocurrency near-term rallies met rejection close to the upper trendline of the Channel, the price tested the levels between $13,500 and $12,000 since July but didn’t transform the upsides into the full-fledged breakouts. In the meantime, it kept on establishing new lows towards the $6,526 indicating that the traders have not found a strong bitcoin accumulation area yet.
In the charts, we can see that the price is struggling to register fresh gains which earlier served as support to Bitcoin’s bounce-back attempts. Over the past ten days, Bitcoin is in fluctuation mode inside what seems to be a Symmetrical triangle. The two converging trendlines create a string of peaks and troughs moving forward a similar slope. The height of the triangle is also close to $800 which means that its breakout will result in a price move of about the same proportions in either direction.
With the volumes going down and bitcoin gets close to the apex of the triangle, there is a strong likelihood of a further breakout in the direction of the previous trends. This move could crash bitcoin towards the $6,000 area. the initial short position towards the $6,500 level from around the current market price looks decent and maintaining a stop-loss order above the triangle is standing above $7,570.
New Jump For BTC: $8,500 Is “Again On The Table” According To Analyst
“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view,” Woo said.There is also Glassnode, which is a crypto centric on-chain intelligence firm which recently noted that their metrics suggest that Bitcoin is bottoming and is slated to revert higher in a "strong" fashion.It is the Market Value to Realized Value (MVRV) which is implying the above mentioned, as well as showing that the crypto asset investors are believing in the topic. A reading of this would mark a bottom for the cryptocurrency market soon, too.At press time, Bitcoin is trading at $7,563 while the total market cap is $204 billion and the trading volume sits at $49 billion.
Bloomberg Analysts Expect Bitcoin’s Price To Spike Past $10,000
“Bitcoin is winning the adoption race among crypto assets and is becoming increasingly scarce, which favors price appreciation. Plenty can go wrong with a nascent asset, but unless the basic premises reverse, there’s a higher probability to sustain price appreciation vs. Depreciation.He also tried to support the main idea that the halving event will act as a negative supply shock for the marketplace on the simple supply and demand economics.
Bitcoin Faced The Largest Price Drop Of 2019 Despite Slight Increase
Boring Bitcoin: BTC Still At $7,500 With No Sign Of Upswing
“Earlier this year, bitcoin went from $4,000 to $14,000 in less than three months. But one pullback, and everyone forgets.”Despite the negative price action, the Bitcoin news updates today show that the cryptocurrency is still holding on well. However, it did not manage to breach the $10,000 level which was expected for this month.Currently, the boring Bitcoin is said to break out in the near future and probably test the $10,000 region this year. If that happens, analysts would be lucky and can see a bullish potential in the most dominant cryptocurrency once again.Today, we can see reds all over the market but with a maximum of 1% for most coins and a negative drop of 1.64% for Binance Coin (BNB). On the other hand, a major gainer on the day is Cardano (ADA) with a 5.20% rise. The total cryptocurrency market cap managed to go above $200 billion and is at $204 billion at press time.
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