On Wednesday December 9th, the price of one Bitcoin (BTC) fell from $ 18,000 to $ 17,743 at 8:32 GMT on Bitfinex after losing more than 7%. As a result of the decline, the liquidation volume on the futures market was USD 440 million.
A similar drop in Bitcoin price was observed on December 1, before the asset fell near $ 20,000.
However, at the time of this writing, BTC’s price has rebounded somewhat as it trades around $ 18,310 on Bitfinex at 13:47 GMT.
The rest of the leading digital assets are in the red on Wednesday morning. Ethereum has lost around 8% and is trading at around $ 574 while the XRP price has fallen to $ 0.56.
Will the downward trend continue?
While the bullish sentiment is far from over, Bitcoin is still sending mixed signals. According to cryptanalyst Michaël van de Poppe, the downward trend is likely to continue unless $ 18,500 to $ 18,700 is reclaimed.
Third test for support & breakdowns.
Testing levels several times does not make the level stronger.
Is the downward trend likely to continue? I think so if it doesn’t reclaim $ 18,500 to $ 18,700 we will likely continue to correct. $ BTC
– Michaël van de Poppe (@CryptoMichNL), December 9, 2020
With a low of just under $ 17,000, the Bitcoin price has an added incentive to keep falling in the short term.
However, Van de Poppe and others are optimistic, realizing that lower levels would offer big players an opportunity to buy the dip. In addition, quantitative analyst PlanB tweeted on Tuesday after BTC price began to fall:
Watch as traders, shitcoiners and weak hands transfer their #bitcoin to strong hands like Grayscale, Paypal, Square, MicroStrategy, etc. These BTC will disappear from the market and go into deep cold rooms and stay there for years.
Earlier, Bloomberg analyst Mike McGlone had said that the range of fluctuations in Bitcoin price could be between $ 10,000 and $ 50,000, and capitalization could soar to $ 1 trillion between 2021 and 2022.
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