Cointelegraph Team
Cointelegraph
Bitcoin (BTC) continued its broad downtrend towards $7,000 support on Dec. 12, failing to break out of a behavioral pattern that has left traders uninspired.
Cryptocurrency market daily overview. Source: Coin360
Bitcoin could face "significant drop"
Data from Coin360 showed BTC/USD trading down around 1.2% on the day, with only a brief spike to $7,265 punctuating the otherwise lackluster performance.
The sudden uptick met with selling pressure within minutes, markets tanking to local lows of $7,107 before recovering to current levels around $7,150.
Bitcoin seven-day price chart. Source: Coin360
Bitcoin has nonetheless lost over 3% since last week, with traders’ hopes for a retest of resistance closer to $8,000 so far going unanswered.
Now, regular Cointelegraph contributor Michaël van de Poppe said that if fresh energy did not appear, Bitcoin could be in line for a “significant” drop.
“Boring & fragile markets here,” he summarized in his latest Twitter update on Thursday.
Downside potential could see BTC/USD bottom out at previous lows around $6,500, he added, while a boost to the upside would place $7,500 levels back into the equation.
Fellow contributor filbfilb meanwhile was more risk-averse. Revealing his short-term risk plan to readers on Wednesday, he confirmed he was short BTC, eyeing a likely dip below $7,000.
“Overall I am bullish pre halving its just a matter of trying to micromanage the mid term optimal entry,” he added.
As Cointelegraph reported, concerns over Bitcoin’s performance before May’s block reward halving have spread rapidly through analytical circles.
Statistician Willy Woo previously said bearish price action made the run-up to Bitcoin’s third halving unlike any other, while Keith Wareing warned BTC/USD could dip as low as $2,500 in analysis for Cointelegraph over the weekend.
Altcoins continue to lose ground
Altcoins meanwhile saw broadly negative progress in line with Bitcoin on Thursday. The top twenty cryptocurrencies by market cap generally saw losses of 1-2%.
Ether (ETH), the largest altcoin, performed worse, losing 3.6% to trade at $141.
Ether seven-day price chart. Source: Coin360
Cosmos (ATOM) conversely managed 4.6% gains in the same period, while Tezos (XTZ) traded up 1.3%.
The overall cryptocurrency market cap was $195 billion at press time, with Bitcoin’s share at 66.7%.
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.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?