Bears Take Charge

Bitcoin is experiencing quite the drama lately, as it slipped below the elusive $7,000 mark on December 17. The bears have thrown a wild party, and they even forgot to send the bulls an invitation. After a push off support the day before, BTC plummeted, leading to a precarious low of around $6,710. Talk about a rollercoaster ride!

Hope for the Bulls

Amidst the chaos, there’s a glint of hope for the bulls. Enter the famous “Energy Value Oscillator.” This little indicator has been strutting its stuff, suggesting that there might be a rally around the corner. As BTC fluctuated around $6,900, Cointelegraph Markets hinted at a possible bounce-back, depending on how the market shakes out. The daily charts are turning heads—hopefully in a positive direction for holders.

Market Dynamics

Now, let’s talk about the market dynamics. One savvy trader, Joe007 from Bitfinex, noted that the current BTC prices are hanging in there thanks to an artificially maintained buy wall of 500 BTC. It’s like the market is relying on a crutch to stay vertical. The presence of this wall has given players some cognitive dissonance, as it masks the impending collapse that could occur anytime.

Prospects and Predictions

Despite the prevailing doom and gloom, not everyone is throwing in the towel. Writer and market analyst filbfilb decided to keep things lighthearted yet edgy, stating there could be less risk in longing Bitcoin below $7,000. He was feeling adventurous, ready to wade into the crypto waters and see if this sinc-ing market could, perhaps, dazzle once more.

Altcoins Take a Hit

When Bitcoin sneezes, the altcoins tend to catch a cold—hard. XRP plunged to two-year lows, dragging several prominent altcoins along with it. Ether (ETH) slid down 7.9%, while Binance Coin (BNB) decided to take a nosedive with a massive 12.7% drop. The overall market has now capped at $185.1 billion, and Bitcoin’s dominance stands tall at 67.1%. Let’s just say it’s a tough time to be an altcoin.