BTC with losses
The market leader has to record smaller losses on Saturday. The bulls have to bow to the pressure of the sales and many investors are taking their first profits. After a turbulent week a 7 day plus of 2.33% and a new yearly high is on the books. Due to the high volatility and the isolation from the traditional markets, the traders are preparing themselves for a wild final spurt in 2020. But when will the bulls ignite the turbo? We take a look at the possible scenarios.
Bitcoin price on Saturday
The No.1 crypto currency at the time of this article is at an exchange rate of 15879 USD, which is a daily minus of – 1.52%. According to this, the bears push the exchange rate below the 16000 USD mark, which subsequently mutates into a new resistance. On the downside, the bulls’ hopes are on the trend line at USD 15800. This support level is proving to be a reliable range on Saturday. BTC units worth USD 27.3 billion have been traded in the past 24 hours and investor interest remains high.
Calm Before the Storm
The current correction could soon turn out to be the famous calm before the storm. Following the encapsulation from the traditional markets, sharp price fluctuations have recently been the order of the day. At the same time, total market capitalization is approaching the USD 500 billion mark as bullish investors pump fresh capital into the crypto-market. In the previous months, attacks by the bulls were often marked by dozens of ricochets. This could change in the coming days. The hype spilling over into the mainstream is literally palpable and the volatility is making many investors dream of a new all-time high.
Bitcoin Dominance Index at 64.6%
Currently, approximately USD 294 billion of the total market capitalization (approx. USD 456 billion) is invested in BTC. Due to the enormous dependence of alternative assets, Uptrends will remain an exception on Saturday. Ripple, the “bitcoin of the banks” can record the largest price increase in the top 20 with a daily plus of 1.70%. For Ethereum (- 1.80 %) and Co. it goes against it downward. However, most assets should be able to cope with the small correction in view of the bullish week trends. The crypto space is preparing for a turbulent final spurt in 2020. Whether this will be triggered by news, whales or other events remains unclear at first. However, very few experts are assuming a long-term consolidation phase.