Bitcoin (BTC) is now fighting around the $7,100 level, after losing previous tiers of support. On Monday, BTC slid to lows around $7,080, as the price kept weakening ahead of the year end. BTC traded at $7,096.41, with highly unstable prices.
The new week started with another fight of bulls and bears, on somewhat slower volumes of $17 billion’s equivalent in 24 hours. BITMEX futures are also slowing down, with $1.4 billion in volumes, and prices around $7,068.
BTC already dipped below the $7,000 level late on Sunday, reaching a low around $6,924.38. So far, the coin is still showing the possibility for recovery, but the overall attitude allows for further price drops.
https://twitter.com/trader1sz/status/1206261714708246530
At the same time, Bakkt futures open interest remains relatively high, as the exchange grows its activity in the last quarter of 2019.
https://twitter.com/BakktBot/status/1206163256164913153
Despite the price drop, the BTC market price in December 2019 is still more than 100% higher in comparison to the bottom reached in December 2018. The Bitcoin fear and greed index is still at extreme fear and 24 points.
The attitude to BTC is still bullish in the long term. But now, the asset is in a phase of highly active speculative trading. In the short term, bearish attitudes seem to prevail. BTC, however, is still capable of unexpected moves potentially leading to liquidations.
The market cap dominance of BTC remains at 66.5%, as leading altcoins still keep up their relatively high prices. What is even more curious, Tether (USDT) trading is flowing out of the BTC market. The share of USDT trades is down to 63%, from its usual levels above 75%.
Alternative pairs and futures add to the BTC volumes, entering a new stage of price discovery. Toward the end of 2019, BTC sees extreme predictions for a price drop as low as $2,500, or possibly even $1,000, based on bearish pressures.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.
