The Downward Spiral of Bitcoin
As of December 12, Bitcoin (BTC) took a nosedive, setting its sights on the disheartening support at $7,000. It seems the king of cryptocurrency is trapped in a behavioral pattern akin to a deer caught in headlights—just frozen and unenthused.
Trading Woes: Where’s the Spark?
Data from Coin360 reveals BTC/USD trading at a 1.2% decrease on the day. Just when traders thought a brief spike to $7,265 might awaken the sleeping giant, it was quickly met with selling pressure. In a whirlwind of disappointment, it plummeted to local lows of $7,107 before a tepid recovery brought it back to around $7,150.
Pundits Weigh In: Forecasting the Fall
Looking ahead, analysts like Michaël van de Poppe are not too optimistic. He cautioned that the absence of fresh buying energy could lead Bitcoin to a “significant” drop. He shared his thoughts with a touch of flair, tweeting, “Boring & fragile markets here.” The potential downside could bring BTC/USD crashing down to previous lows around $6,500. Meanwhile, a hopeful bounce back would require some serious momentum, aiming for levels around $7,500.
Shorting Bitcoin: A Risky Game
On the flip side, fellow analyst filbfilb is adopting a much more cautious approach. Revealing his short-term risk strategy, he admitted to shorting BTC with expectations of a dip below $7,000. “Overall I am bullish pre halving,” he mused, adding a hint of hopefulness amidst the chaos.
Altcoins in Decline: A Ripple Effect
But it’s not just Bitcoin taking a beating; altcoins are joining the sorrow fest! The market’s top twenty cryptocurrencies experienced losses of 1-2%. Ethereans watching ETH took a harder fall, posting a 3.6% decline, trading at around $141. On a brighter note, Cosmos (ATOM) managed to swim against the tide, gaining 4.6%, while Tezos (XTZ) climbed slightly up by 1.3%. With the overall cryptocurrency market cap resting at $195 billion, Bitcoin is still holding onto a hefty 66.7% share.
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