Bitcoin trades at $6,610.60—marking half of the highest price hit this year. The fun fact here is that exactly today, Bitcoin had hit $20,000 (all-time high) two years back in 2017 and currently, two years down the line, we have a moderate adoption of cryptocurrency as the price plummets.
— CNBC's Fast Money (@CNBCFastMoney) December 17, 2019
However, if you are a strict follower of crypto, you must believe in Bitcoin—that is going to be the ultimate survivor of this decentralization network.
The current situation is totally opposite as the whole crypto market is seen crashing for quite a few months now, without any instances of growth. If we rightly see a cumulative price graph of BTC/USD on Coinbase, the price is nosediving after having hit $13,000 this year.
To add on to this bearish outlook, the current movement of BTC price is anticipating an even further fall, which may now rest around the 200-day MA i.e., $5,026.37. Alongside this, we see that all the major short-term and medium-term moving averages setting apart from the price trend as the supports become inactive. The 21-day and 49-day MAs left the support area way back as the coin gave no growth signs throughout the past 6 months.
Tis the season of flashback, couldn’t follow the footfalls of 2017, and may not lead to a pleasant end of the trading year 2019. It is going to be a no shocking situation if the BTC price ends the year from where it started. This rightly excludes the BTC lovers and loyalists who are going to remain stuck to their Bitcoin investments only.
The technical indicators confirm the utter bearishness in the market;
The MACD of the coin is running above zero and may soon plunge with the bearishness intact as the signal line cuts the MACD line.
The RSI of BTC is at 39.38 and is seen inclined to the oversold region. A further fall can lead the coin to hit the major support at 30 and slide downsides.