update 18 August 2021

Analyzing the Upsurge and Decline of Bitcoin’s Price This December

On the 19th of December, Bitcoin recorded a 14% surge. At the beginning of the third week of December, the bitcoin price dropped by 8.5% from $7100. It then declined to $6500, and as analysts looked forward to further decline, BTC eventually surged a whopping 14% to attain $7450.

The 14% surge is the largest since the rise of Bitcoin, influenced by China in late October 2019. Bullish sentiments do not characterize Bitcoin markets; analysts suggest a short-term decline of Bitcoin’s price. The assumption is that the announcement of President Trump’s impeachment caused the surge.

Analysts On the Unstable Bitcoin Price

Peter Brandit took to his Twitter account to address the altering price of BTC. His analysis shows that the king coin held important support. A look at the long-term charts indicates that the RSI remains within the oversold half of the scale, after a six-month downtrend. However, the upsurge could not take the daily RSI back over 50.

A view of the 2018 chart pattern shows a powerful close to $6000 range, and it is in a position where Bitcoin moved up. In 2018, Bitcoin’s price was majorly at around $6400; hence, it remains why key support is here.

Alex Kruger, on the other hand, initiated a poll in the cryptocurrency community. The poll was whether bitcoin attained a bottom or not. The result revealed that 42% are confident that the bottom was in yet.

price change

The uptrend of BTC contributed to the altcoins surge. Ethereum surged 5%  to $ 130 but remains painfully weak. LTC recovered $40 level while EOS surged to $2.50. The aggregate market cap, however, remains under $200 billion.