The rate for Bitcoin (BTC) has remained relatively unchanged for the last 7 days. Yet its price has gone down by almost 3% over the last week. The quotes for most of the altcoins have decreased, keeping the top 10 coins under pressure by the bears.
In terms of BTC’s market share, the cryptocurrency is slightly going down, with its current dominance index constituting 66.6%
Below is key information for BTC at press time:
Market Cap: $133,996,764,077
Volume (24H): $17,525,572,867
Change (24H): -0.67%
BTC/USD: Do the Bulls Still Have the Advantage in the Short-Term?
Since the beginning of December, BTC has continued to fluctuate between the $7,200-$7,400 range.
Looking at the 4H chart, BTC is moving towards $7,400 with a potential target of $7,500. This is confirmed by the fact that the Moving Average Convergence/Divergence (MACD) has maintained its bullish trend. What is more, the trading volume index remains at its previous position without a significant majority of sellers. Respectively, the short-term forecast is bullish with a target that is close to $7,500.
Looking at the daily time frame, the current growth is modest, but can be considered the starting point of a continuing decline. The 200-Day Moving Average (MA) is at its local peak and is about to move down simultaneously with the 100-Day MA and the 50-Day MA.
A similar picture was painted in 2017 when the decline stopped at $3,000. Fast forward to today, the first point on the way to a more profound decrease is $7,000, which might be achieved through the end of December 2019.
At press time, BTC is trading at $7,367.