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Bitcoin Price Drops to $7,200, but It Might Surge to $7,800 Sooner Than You Think

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  • Alex Dovbnya
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    Bitcoin price might witness a relief bounce to the $7,800 area if a CME futures gap gets filled

Bitcoin Price Drops to $7,200, but It Might Surge to $7,800 Sooner Than You Think
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On Dec. 1, U.Today reported that crypto traders expected the Bitcoin price to bounce back in case of a daily close above the $7,400 level. However, the miracle didn't happen, and the BTC price continues to keep spiraling downwards. 

At press time, Bitcoin is sitting at $7,247 after dropping to an intraday low of $7,189, CoinStats data shows.

Bitcoin Price
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$7,800 is still possible

Still, even after this failed attempt at a speedy recovery, some technical analysts believe that the crypto king might pull off a surprise move to $7,800. The reason behind this bullish prediction is a CME futures gap that could be filled within 24 hours.  

Chicago-based CME Group a force to be reckoned with in the crypto market after it debuted its cash-settled Bitcoin futures in December 2017. However, it opens and closes in tandem with other Wall Street's market while Bitcoin trading is live 24/7.

Hence, if Bitcoin experiences a major in either direction when the CME market is closed on its candlestick chart. These gaps are widely tracked by technical analysts because the leading cryptocurrency has a historical tendency to revisit these price levels. 

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"Short the corn"

Whether Bitcoin is going to fill the aforementioned gap or not, Josh Rager's crystal ball shows that a drop below the $7,000 level seems to imminent. As of now, he sees the $7,150 area as a major stronghold for the bulls since the coin's trading volume tends to drastically increase in this range.

"CryptoThies" says that Bitcoin's recent price drop has "squashed" any remaining sentiment, and it's now time to "short the corn."

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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$13 Mln in ETH Transferred to Poloniex from Wallet Inactive for Almost 2 Years

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  • Yuri Molchan
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    The Whale Alert account reports that nearly 89,000 ETH was wired to Poloniex from a wallet that had remained inactive since April 2018

$13 Mln in ETH Transferred to Poloniex from Wallet Inactive for Almost 2 Years
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On Friday, the Twitter account Whale Alert that tracks large movements of crypto on the blockchain, spotted nearly 89,000 ETH (that’s around $13 mln in Ethereum) sent to the Poloniex exchange.

The account points out that the wallet which sent the money had been inactive since April 1 last year. No one has used it for nearly two years, apparently, waiting for the crypto winter to be over and hoping for a price surge afterwards.

One of the possible reasons of this wallet becoming active again is the Ethereum hard fork Istanbul which is about to happen today, on December 7, at block 9069000.

Very often the price of an asset goes up after a major upgrade (the Istanbul hard fork will not cause an appearance of a separate coin as it was with Ethereum Classic).

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Earlier, U.Today reported that the South Korean exchange Upbit suffered from a hacker's attack and lost around $50 mln in Ethereum. Whale Alert on Twitter has recently published data about $37 mln stolen from Upbit that was moved by the hacker from one wallet to another.

The head of Binance, CZ, has promised that all funds stolen from Upbit that would end up on Binance would be immediately frozen.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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