The last day of 2019 Bitcoin (BTC) is ending on a bearish note, as well as most of the other top 10 coins. Tezos(XTZ) is the exception to the rule as its rate has gone up by more than 3% in the last 24 hours.
Apart from the rates of the various cryptocurrencies, the total market capitalization has continued to decline and currently sits at $191.6 billion.
Below is the relevant data for Bitcoin and how it's looking at press time:
Market Cap: $132,003,957,232
Volume (24H): $21,750,610,963
Change (24H): -1.24%
BTC/USD: Expected Drop on December 31
There is not much in terms of volatility, which usually happens around the holidays and directly affects the trading volume index. Currently, Bitcoin's level continues to trend downwards, and the overall volume totaling $9.2 billion.
Looking at the 4H chart, the largest cryptocurrency is stuck within a triangle pattern with the possibility of a downwards trend.
This downward trend is supported by a decline in the trading volume and a failure to fix above the $7,500 level. In this particular case, the zone between $7,000-$7,100 looks like a possible stopping point.
Looking at the daily chart, the picture is even more bearish. The 50-Day and 100-Day Moving Average (MA) lines continue to trend downwards without any signs of a possible reversal pattern. Moreover, the 200-Day MA confirms the presence of sellers. To sum up, there is a high probability of seeing BTC go below $7,000 during the first month of 2020.
At press time, Bitcoin is trading at $7,215.
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