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Unique Setup For BTC: Willy Woo Confirms Bearish Action Is Here

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btc can still drop

One of the major analysts named Willy Woo recently said that we can see a unique setup which results in a bearish period for Bitcoin (BTC). As the most dominant cryptocurrency struggles to maintain the $8,000 levels, analysts warn that the outlook of the market is increasingly bearish.

They do not rule out the possibility of many cryptocurrencies going lower in the near future. According to data, BTC/USD is bouncing off the lows of $8,077 and is now at $8,176 – still under the $8,200 mark as we reported earlier in our Bitcoin news updates.

Everything started yesterday when a sudden dip took the pair below $8,100 for the first time since late October this year. The price action is fluctuating around this level ever since then. At press time, a slight reversal had taken the major cryptocurrency back to $8,150 with daily losses still at 3.7% and weekly losses totalling around 7%.

Unsurprisingly for many, analysts revealed that the unique setup for BTC now is a major cause for concern – not only in the short term, but even after the May 2020 and the block reward halving scheduled for the month.

“I expect way more volatility. Short term bearish is all I’m saying. And don’t expect price will repeat past halvenings,” the analyst Willy Woo summed up in a Twitter post this Monday.

Woo also referred to the historical trends in Bitcoin which saw the cryptocurrency with bullish action during the previous halvings in 2012 and 2016. Previously, the sentiment likewise favored the 2020 event as a bullish turning point with markets entering a highly bullish phase thereafter. This time, the bears are in control.

The unique setup for BTC is something that Willy Woo accepted and noted:

“Well this time around, we have gone $14k->$7.5k and that’s killing off weak miners who are dumping and dying. This adds to the already bearish action, so no happy front running 6-months out due to sell pressure. You can’t draw repeat fractals, the fundamentals are different.”

As we reported before, a traditionally accurate Bitcoin price model still calls for an action in the $8,300 region until the halving. However, everything is possible until then – and we expect to see new changes in the daily and weekly cryptocurrency news from tomorrow.

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Bitcoin News

High Influx Of Institutional Investors For Bitcoin-Where Are They?

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It was taught that the next Bitcoin bull-run will be led by a high influx of institutional money. Tempted by the possibility of unheard profits by traditional investment practice, and reassured by big and respected brands offering custodial solutions of institutional nature. So what happened?According to Bloomberg, we can see in our bitcoin news today that most of the investors are still standing on the margins, taking their time, while in the meantime cryptocurrency hedge-funds are being closed in huge magnitude. Almost 70 were closed in 2019, that mostly provided to pensions, family offices, and wealthy individuals. The number of freshly launched funds in 2019 fall more than half from 2018.There is, of course, the still present anticipation for the liberalization by the US Securities and Exchange Commission (SEC) of the cryptocurrency market, specifically the approval of a Bitcoin ETF. The entire year was spent by the SEC delaying decisions on two applications for Bitcoin ETF, and then after spending all of the postponement excuses they finally rejected them.Besides the statement of Robert J. Jackson Jr. that a Bitcoin ETF was inevitable, given back in February of 2019, we cannot say that there was no high influx of institutional investments so far. The Analytics company, Skew, posted a tweet on Tweeter in a response to the Bloomberg article.  It observed that the well-known institutional exchange giant, LMAX, is in continuation of gaging market share in the Bitcoin market with its digital branch. It has surpassed Kraken and Bitstamp and is now processing volumes similar to those of Coinbase.The Chicago Mercantile Exchange (CME) had two $1.5 billion sessions in a row on its bitcoin futures in June 2019, where around 35% of Bitmex’s open interest was reached. Taken into consideration the certain differences in maximum leverage, this likely represents more collateral committed to the trades than on the majority of high-leverage derivatives platforms.Momentum is gained by the products of the physically settled future of Bakkt, and in January of 2019, Bakkt and CME will be introducing options products. But in another tweet, that we have in our latest bitcoin news Skew stated that open interest on CME futures is low for over 6 months, sparking speculation that traders are closing their books for the conclusion of the year.
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Analysis

Bitcoin On A Faint Note This Monday Towards $8K: Analysis

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Bitcoin on
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.
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Bitcoin News

BTC Can Still Drop To $2,700 Even Now, Even In 2020

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btc can still drop
The latest Bitcoin news show that the price of the most dominant coin BTC can still drop to $2,700 at any time, despite the recent wave of greens. As this price starts to slowly ascend, the question that everyone has is whether the latest bottom is in or whether there is more pain ahead of us.In the technicals, we can see that the CME gap was higher than the weekend price and this was a 7% surge from the price during Saturday and Sunday. As expected, the gap was filled on December 4 as a $560 candle appeared out of nowhere and took the price of Bitcoin from around $7,240 to $7,800 in only a matter of minutes.One thing that we'd like to note is that even though the dominant coin is posting gains recently, BTC can still drop to a low of $2,700. A solid reason behind this and a proof is the fact that Bitcoin has made explosive moves but only maintained them for a few hours before returning to the previous level. With this, it is evident that a gap needs to be filled.The Bitcoin price closed on the CME Futures charts trading at $7,495 and at the time of writing, the cryptonews show that it is trading above $7,500. However, there isn't much difference in the price this week and the CME gap filling will not be something that is so easy to spot.In other words, if Bitcoin gains $200 to $300 this week (as we are at the start), the long positions should be kept on $7,500 to avoid any unpleasant repercussions. Even though BTC can still drop to $2,700, we can see that the MACD indicator looked poised for a new bullish cross lately. As such, the MACD is moving in a north direction right now and can be replicated on higher time frames soon.History has no real reason to repeat itself. But if it does, as we could see from so far, perhaps the next few months are only going to get worse for the major digital asset. In a scenario like that, BTC can still drop to a low in the $2,000 region which would be catastrophic for the entire market.
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Analysis

New Jump For BTC: $8,500 Is “Again On The Table” According To Analyst

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Ever since Bitcoin (BTC) tapped $6,500 in late November, we could see that analysts were wondering if the bottom is really in. In the latest Bitcoin news, we can see that the leading cryptocurrency managed to post a new jump for BTC by 20% from $6,500 and hit $7,850 just a week after that.At press time, BTC is trading at $7,500 and is seemingly trying to establish a market trend for the coming week. Even though some say that Bitcoin is unable to move past the resistance in the high $7,000 area and is decisively bearish, one analyst thinks that the odds are leaning in favor of bulls.The popular trader Mr. Chief (also known as Halo Crypto) recently said that there could be a new jump for BTC and that the ball is finally entering the playground of the bulls. He also noted that the inverse chart of Bitcoin shows that the cryptocurrency has broken below (above) a key - a trend line which has been in place for over six weeks. The asset is right now situated in a descending channel which implies a potential move to $8,500.A move to $8,500 would mark a 15% rally from the current price levels.https://twitter.com/HaloCrypto/status/1203144682177548288However, it is not only halo that is expecting a new big jump for BTC. According to previous reports by Willy Woo who is a popular on-chain metrics analyst, a proprietary indicator lets him believe that bulls will soon gain the upper hand again.
“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.
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