• BTC/USD stays above DMA50, more gains to come.
  • Bitcoin is losing the market share.
  • Investors are getting ready for Christmass rally.


One Bitcoin goes for $6,515 at the time of writing, as the world's most popular digital coin tries to stay above critical $6,500. BTC/USD managed to recover strongly during early Asian hours, however, it still lags behind some major altcoins.

Bitcoin is losing the market share.


Some major altcoins like Ripple and Bitcoin Cash demonstrated a strong rally on Tuesday, but Bitcoin lagged behind, hovering around $6,400 level. This discrepancy pushed the market share of the world's largest cryptocurrency to just 51.8%, which is the lowest level in recent five weeks. However, cryptocurrency experts do not lose hope for a pre-Christmass rally as he head to the year-end.


Investors are getting ready for Christmass rally.


“In traditional markets, it’s very common to see a stock rally leading up to the end of the year due to the increased activity in the private sector during the holidays. However, after a volatile October, combined with uncertainty surrounding Trump’s trade war and the Fed’s monetary policy, price action has been less than positive in the last few weeks,” Mati Greenspan, a senior market analyst at eToro, explains.


Earlier this week, another prominent cryptocurrency investor Mike Novogratz suggested that Bitcoin may refresh all-time highs in $20,000 as the market has already passed the bottom. 


While it remains to be seen, whether Bitcoin momentum falls in line with these predictions, a short-term market sentiment has definitely improved, the latest Bitfinex report shows.


The number of short Bitcoin positions placed on that cryptocurrency exchange dropped to the lowest level since August 5. It means that bulls are taking control over the situation ahead of the year-end, which historically tends to be positive for the digital coin.


Bitcoin's technical picture

BTC/USD jumped above DMA50 (currently at $6,453) and cleared $6,500 handle, which is a positive signal for Bitcoin bulls at least in the short-term. The Relative Strength Index points upwards amid growing momentum, suggesting that more gains may be coming with the crucial target at $6,600 that served as an upper border of September-October channel. Once it is cleared, the recovery will gain traction with the next aim at $6,780 (October 15 peak) and, possibly, $7,000.

On the downside, the support is created by the above-said DMA50 (6,453) followed by psychological $6,400. Once it is cleared, the recovery will be over, while Bitcoin will enter a new phase of rangebound trading with the lower border at $6,200.

BTC/USD, the daily chart


Get 24/7 Crypto updates in our social media channels: Give us a follow at FXStreet Crypto Trading Telegram channel

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin, Ripple and Ethereum begin consolidating

After finishing the month of July in incredible style, cryptocurrencies across the market have taken step back led by Bitcoin, Ethereum and Ripple. Bitcoin, for instance, is settling for consolidation between the support at $11,500 and $12,000.

More Bitcoin News

XRP/USD daily bull flag awaiting confirmation to breakout above $0.346

XRP/USD is trading at $0.309 while daily EMAs remain far away from the price. The daily bull flag is the most important pattern for XRP in the short-term. XRP continues fighting to remain above $0.30 ...

More Ripple News

Grayscale wants to register its Ethereum-based trust with SEC

Grayscale Investments submitted an application with the US Securities and Exchange Commission to register its Ethereum-based Trust. The company emphasized that the filing is voluntary, however, the registration will entail additional compliance requirements.

More Ethereum News

How long can TRX/USD sustain this 6-months ascending channel?

Tron price action has continued to take down key barriers from the massive losses in March. Even though the recovery has been as rapid as witnessed in other altcoins, TRX/USD price action speaks slow and steady out loud.

More Tron News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Fasten your seatbelts, next stop is $12,000

Bitcoin has had its best week since mid-2019. The first digital currency gained over 18% in a single week and hit the new highest level of 2020. At the time of writing, BTC/USD is changing hands at $11,358 and the upside momentum is gaining traction as Bitcoin bulls are pushing at the upper line of the weekly Bollinger Band. 

Read the weekly forecast

BTC

ETH

XRP