Since plunging to $6,400 around December 18th and rocketing back to $7,000 the day later, Bitcoin has stalled, flatlining in the low-$7,000s as the market remains largely directionless.
Related Reading: Why the Bitcoin’s Bearish MACD Cross May Not Plunge Price
But on Saturday, BTC started to show that it had room to run, with the price of the asset bending higher. And by the turn of the day, Bitcoin had crossed $7,300 from $7,200, leading a trader going by CL to note that the 50 and 200 moving averages on the four-hour chart were about to see a bull cross.
We're currently 3$ away to achieve a golden cross on 4hr.
As we consolidate for the most prolonged period since at 10k this summer, long term moving averages are becoming less bearish every day that passes by.
200MA on 4hr is bending up since 3 days ago. pic.twitter.com/auLbODe8nE
— CL (@CL207) December 29, 2019
By Sunday morning, due to a price jump to $7,400, the cross had taken place, with trader Big Chonis noting that that the moving averages had moved over one another. This is important as it may mark a shift in directionality for the cryptocurrency market, which has largely trended lower in the past few weeks, evidenced by the strong drop to $6,400 just two weeks ago.
Sure, previous bull crosses in these specific moving averages haven’t always preceded surges in the price of Bitcoin, though they are a sign that bulls do have more control than they did, say, a week ago. And interestingly, other indicators agree with this lofty sentiment.
Related Reading: Bitcoin Is Still In Midst of Bull Market; Why On-Chain Analysis Suggests So
Bitcoin Chart Prints Bullish Signs
According to a recent tweet from full-time cryptocurrency trader Crypt0mer, Bitcoin’s one week chart recently printed an extremely bullish signal: the one-week Klinger Oscillator, which tracks volume and price to determine trends, has printed a buy for the first time since February 2019, when BTC was trading around $3,700. He remarked that this is a sign that the bear correction is over.
That’s not to mention that BTC is currently trading in a seeming inverse head and shoulders pattern, one that could mark the macro bottom for the recent bear market.
Per previous reports from NewsBTC, though, for Bitcoin to satisfy this chart pattern, it will need to break past $7,650 in the coming days, setting the stage for a further rally to $8,000 and beyond.
Related Reading: Why Analysts Believe Ethereum Is Poised to Fall 20% Against Bitcoin
Featured Image from Shutterstock The post appeared first on NewsBTC. origin »
The Bitcoin price in December is now a key focus, given that the market ended November on a weak note. Bitcoin dropped more than 17% this month, breaking its usual November trend and raising questions about whether the recent $80,000 bounce was the real bottom.
Bitcoin Magazine
Bitcoin Price Dip Or New Bear Market?
Bitcoin Price Under Pressure as LTHs Distribute: Rising VDD Multiple & Falling Long-Term Holder Supply Show No Capitulation Yet.
Bitcoin has spent the past several weeks trapped in a persistent decline, wiping hundreds of billions of dollars from its market value and reversing nearly a year’s worth of gains. The pullback has pushed the price far below its October all-time high of $126,000 and has dragged sentiment with it as traders search for answers.
Bitcoin Magazine
Bitcoin Price Teeters at $93,000 as Bears Press Their Advantage
Bitcoin price is struggling to hold $93,000 as thin liquidity, leverage-driven volatility, and a critical break in market structure fuel one of the most bearish stretches of the 2025 cycle.
Bitcoin Magazine
Bitcoin Price Jumps Near $94,000 After Sub-$90,000 Dip
Bitcoin price briefly fell below $90,000 overnight before rebounding to the $94,000 range, trading near its weekly high, with over 19.
Bitcoin Magazine
Bitcoin Price Freefalls Down to $91,0000 and New Lows
Bitcoin price has fallen nearly 30% from its early October peak near $126,000, trading in the $92,000–$95,000 range as investors weigh Fed uncertainty and missing economic data.
Bitcoin Magazine
Bitcoin Price Plunges to $94,000, Hitting Six-Month Low as Macro Fears Mount
Bitcoin price was trading between $94,000 and $97,000 today, its weakest level since early May and a steep fall from October’s $126,296 all-time high.
Bitcoin Cash price is under selling pressure, testing support near $470. 8 and $460. 3. Bitcoin pullback and market fear amplify downside risks for the BCH price. Key resistance sits at $528. 85, with potential upside if support holds.
Bitcoin Magazine
Bitcoin Price Crashes Below $98,000 Close to Six-Month Lows
Bitcoin price plunged to $98,000 as long-term holders sold at record levels, institutional demand weakened, and broader market fatigue set in amid a fragile post-shutdown U.
After months of upward momentum, Bitcoin is pausing to catch its breath. The Bitcoin price is solidly above $100K, and volatility is near the lowest it’s been in years. Analysts see this consolidation phase as reminiscent of past pre-rally setups,…
Bitcoin’s rally has hit a pause near the $105,000 level after a strong post-halving recovery, leaving traders on edge as the world’s largest cryptocurrency tests key resistance zones that could decide its next major move.
The price of Bitcoin has struggled so far in the month of November, briefly falling below the psychological $100,000 level twice already. Although the flagship cryptocurrency appears to be in a state of calm this weekend, a recent on-chain evaluation shows the possibility of more price corrections in the short term.
Bitcoin price has plummeted into a bear market after falling by 20% from its highest level this year, and top technical indicators point to a steeper crash in the near term. Bitcoin (BTC) was trading at $101,900 on Sunday, down…
Bitcoin Magazine
Mathematically Predicting Bitcoin Price Floor
Data models suggest the next bitcoin price bear market may be shallower than past cycles, revealing how maturity is reshaping Bitcoin’s volatility.
Bitcoin price has rebounded above $103,700 after narrowly avoiding a breakdown near $98,900. But weak money flow, continued hodler selling, and a looming bearish crossover suggest the recovery remains fragile.
Bitcoin Magazine
Bitcoin Price Slumps to $102,000 as Fed Policy, Investor Sentiment Pressure Markets
Bitcoin price slumped to below $102,852 before rebounding as the broader crypto market still tries to gain its footing.
Bitcoin Magazine
Bitcoin Price Crashes to $106,000 As Bulls Eye Strong November
Bitcoin price continued to drop today, crashing to lows of $105,200.
This post Bitcoin Price Crashes to $106,000 As Bulls Eye Strong November first appeared on Bitcoin Magazine and is written by Micah Zimmerman.
Key Takeaways
What is the main factor driving the recent sharp price decline in Bitcoin?
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