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Crypto Market Experiences Green Week for Once
In the end, after a fall of several months, the cryptographic market in general has breathed a sigh of relief in the last days. In a week, Bitcoin (BTC) has found the groundwork to move forward, moving from a low from the start of the year to ~ $ 3,150 to a maximum of more weeks of ~ $ 4,225 as a result of an unexpected inflow of purchasing pressure. . This move, which has been dubbed "Santa's rally" and / or "analysts' rescue / rebound rebound", has pushed even higher BTC altcoins.
In the last week, the dominant market value of BTC fell to 52.83%, far from the 55% recorded just before the last wave of the cryptography market. This move also saw a return to volume in the cryptocurrency market en masse, with trade of $ 14 billion on Friday morning, according to data collected by Live Coin Watch.
All of this led to an environment where the aggregate value of all cryptocurrencies pushed over $ 131.9 billion, 30% more than the minimum from the start of the year to $ 102 billion established just last week.
Bitcoin repays $ 4,000, light gain of messages
After breaking $ 4000 on Thursday in about two hours, BTC has since slowed down, reaching a weekly high of $ 4,200 before falling to $ 3,850. However, in the last two hours, the cryptography market has seen an increase again, with the pressure that quickly pushed BTC to test $ 4,000 for the second time in a week.
At the time of writing, BTC on Coinbase was found at $ 3,970, failing to establish a proper support point above the psychological level and a resistance / support technician at $ 4,000 flat.
Analysts are not convinced that the bullish breakout is imminent
Although the fact that Bitcoin has retested $ 4000 could be considered a bullish indicator, not all analysts are convinced that Saturday's price action is too special. Crypto Dog, calling attention to CryptoCap (Crypto's market capitalization), noted that Crypto's uptick could "be just a bearish re-test", adding that prices could fall "HARD ".
True, this could just be a bearish re-test and we're about to go down, HARD.
Please do not take any of my public reflections as something remotely resembling financial advice.
If I'm wrong, I'm not going to be rekt. Do not foolishly act on my bullish and get rekt. pic.twitter.com/AUzFHEI4k8
– The Crypto Dog📈 (@TheCryptoDog) 22 December 2018
Others have echoed this feeling. Alex Kruger, a leading crypto-friendly market researcher and analyst, recently said that technicians remain the strongest impetus behind price action in this emerging market. The rally of last week, in his eyes, was essentially catalyzed by a single indicator, this is the Relative Strength Index (RSI). More specifically, after last week's crypt fell to its lowest level since the beginning of the year, the RSI has fallen into oversold levels, making the recent increase only a correction of oversold levels, rather than a fundamental change in this sector.
While some are not convinced that the last Bitcoin rally has legs, data collected by a Crypto Quantamental have shown that the recent increase is not as harmless as it might seem. As reported by Ethereum World News earlier, Quantumental has recently stated that BTC is showing "the classic signs of a" V. "fund. In this case, Quantamental noted that" record-breaking "volumes (in BTC count, not $) indicate that a long-term fund may have been formed.
According to the investor, December 20 was the highest day in the volume of Bitcoin in its ten-year history, with block trades traded at 2,226,735 BTC at an average price of $ 3,938. This sum, for a much needed perspective, is a bit more than 10% of all Bitcoins that will never go into circulation.
Commenting on this move, Quantamental wrote:
"Remember that capitulation requires a great fall on a huge volume, and the recovery of the" V "requires a large rebound on a large volume.
Yet, in the end, Quantamental, just like its fellow analysts, noted that it might be premature to define a fund, as markets, particularly cryptography, can sometimes be unpredictable.
Title Image courtesy of Andre Francois Via Unsplash
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