The end of the year is extremely controversial for the cryptocurrency market. Most of the coins are located in the green, with Bitcoin Cash (BCH) having the largest lead (rate is up by more than 3% since yesterday).
Meanwhile, the cryptocurrency market cap has rocketed up by more than $2 billion in the last 24 hours. As a result, the total cryptocurrency market cap stands at $189 billion.
Below is the relevant data for Bitcoin (BTC) at press time and how it's looking for today:
Market Cap: $131,949,889,040
Volume (24H): $25,203,137,409
Change (24H): -0.01%
BTC/USD: How One Should Consider Yesterday's Price Rise?
Yesterday, there was an expected price increase of only 3%. However, the price fell again, resulting in an absorption.
As long as the price stays above the $7,000-$7,100 range, the priority remains on a repeatable upswing towards its $7,800 target. If it begins to consolidate below the aforementioned price, then the priority will be replaced by a downwards trend.
Looking at the 4H chart, the bears are more likely to dominate over the bulls. Bitcoin cannot get out from the descending channel, which has been confirmed by the ongoing decline. What is more, the lines of the Moving Average Convergence/Divergence (MACD) indicator are moving down towards the $7,000 mark.
If the sellers continue to keep pushing BTC's rate down further, then the crucial support at $7,000 may be achieved by the end of 2019.
At press time, Bitcoin is trading at $7,169.