Bitcoin Peaks at $7.5k and Consequent Price Fluctuations
Bitcoin Price Predictions :
Although Bitcoin (BTC) had a price of $6,500 as of the last week in November, it has since experienced a rebound towards the $7,500 zone but failed to scale higher than that range. However, the short trend of bitcoin prices trends upwards it is safe to assess and prepare a strategy as a trader to survive in the long term. The image below shows the daily market performances of different crypto.
Bitcoin volatility is driving it towards the downward channel, as all the daily trend tends to show a drop in price and value since the end of June 2019. The downward trend is a bit still active as the price of bitcoin just recently bounced back from the low region. In the image below, the green zone around $6,500-$6,800 can still be viewed as a significant level of support, while the zone upwards (red and yellow zone) is still displaying resistance to an upsurge in price. These price swings have had a negative effect on bitcoin wagering and merchant sales. The region of high resistance remains the $8,000-$8,200 windows, the zone is also around the downward channel trend line. Below is a daily chart of Bitcoin and Dollar equivalence.
Current Bitcoin Analysis
The price of bitcoin closed the day on December 2, 2019, at a price of $7,321 which a bit short of the upward region. That is an almost 1.37% decline in 24 hours, with about $102.05 lost in a day. This has been the lowest closing price in some time. Although we are still a long way off Bitcoin’s all-time high of $20,089 on December 17, 2017, it is a good sign as compared to the constant value fluctuations in the lower region that bitcoin has experienced in months.
Please have a look at the previous year’s analysis to compare the price predictions of Bitcoin.
The Cryptocurrency Market capitalization review
The market capitalization information gives a perfect analytic view of bitcoin price movements and helps to better speculate the price projection in the short term. Bitcoins market ended the day November 2, 2019, at $132,378,982,377 in the crypto market cap, therefore, it now commands about 67% of the whole cryptocurrency market and remains the driving force ahead of other coins.
The present fate and fairing of bitcoin
The past week has been full of events in the crypto world especially it’s market. The volume of bitcoin circulated yesterday (December 2, 2019) was $17, 082,040,706 which happens to be the lowest in fifteen days, 4% above the year’s average volume and about 62% below the highest value of the year 2019. This shows the price shift has spurred some trading of crypto between holders. It simply means that about 362 tons of gold equivalence were shifted in the bitcoin network just yesterday.
More so, a total of about 314,585 transactions were conducted just yesterday. This is about 4% below the years average and 30% below the year’s high and the average transaction fee hovered at $0.26 which is about $3.45 below the year’s high. It was also discovered that through the transaction that has been completed lately, have about a total of 11,268 millionaires in bitcoin which means addresses that contain more than $1 million worth of bitcoin. However, the distribution of bitcoin by addresses was also found to be uneven. The bearish and bullish trend of bitcoin has made it fall short of a large number of predictions and although there was an upsurge that took bitcoin to about $7.5k, it may be a downward trend from here for a long time except there is a complete turnaround of events.