Bit-comment: “Bears push on the bitcoin”
December 09, 2019 @ 12:13 UTC
Although BTC has shown consistent attempts to bounce up to $8K, so far we see that every time the cryptocurrency is faced with sellers’ pressure. If we take a broad perspective, the cost of the cryptocurrency is now 108% higher compared to the levels a year ago.
Nevertheless, from the moment of reaching a maximum in early July 2019, waves of corrections are clearly visible. First, from $12K to $10K, then from $10K to $8K, then from $8K to $6.5K.
Now we are again in a state of the sideways trend after a rebound from a local minimum, however, such downward waves indicate a deterioration in sentiment around bitcoin. Punching the last low can very organically launch another downward trend in the reference cryptocurrency and the entire altcoin market after it.
It may look especially dramatic during the festive New Year season, however, you need to understand that the market never chooses the right moments for good or bad news.