The market moved up significantly this week as opposed to the downward trend of the Bitcoin price movement last week. Bakkt announced a significant increase in trading volume too.
Bitcoin started the day trading at $7,459. This was followed by a period of near-linear movement before the Bitcoin price increased to around $7,547. This period was followed by an upward trend as the price hit another peak of $7,611, followed by a drop to around $7,547. The downward trend continued as the Bitcoin price reached a daily low of $7,422.
This sinister moment didn’t last, as Bitcoin started with an upward movement again, hitting a peak of $7,641, followed by another peak of $7,750. The trend continued as the price increased to around $7,856 before dropping again to $7,740. This period was followed by near-linear price movement. Bitcoin ended the day trading at around $7,740 (an increase of $282).
Bitcoin 24-hour chart provided by Trading View
There were three major reversal periods today. First was a sudden drop to around $7,458 after a period of consistent upward movement. The second reversal period saw the price go from $7,458 to $7,641. The third reversal period was when it dropped from $7,856 to $7,740 after a series of upward movements.
There was no major news today concerning Bitcoin. As Christmas approaches, the Bitcoin faithful believe that we might be greeted by the coin touching the $10,000 mark. Bitcoin could hit $8,100, although cynics believe that the price will drop again, and we may see the Bitcoin price drop to around $7,500.
Market trend: Bullish
High (24H): $7,856
Low (24H): $7,422
Market cap: $139,789,707,842 (data provided by Coinmarketcap)
Volume (24H): $19,768,458,137 (data provided by Coinmarketcap)
Ethereum started the day trading at around 0.23028 BTC. This was closely followed by a sharp decrease in the price of Ethereum to around 0.018870 BTC. A period of support and resistance followed. Ethereum ended the day trading at 0.018862 BTC.
ETH/BTC 24-hour chart provided by Kucoin
High (24H): 0.020496 BTC (data provided by Kucoin)
Low (24H): 0.019782 BTC (data provided by Kucoin)
Ripple started the day trading at around 0.00003329 BTC. Ripple made significant gains against the BTC moments later. This period was cut short by a steady drop in the price of Ripple until it hit a bottom of 0.00003091 BTC. Ripple ended the day trading at around 0.00002956 BTC.
XRP/BTC 24 hour chart provided by Kucoin
High (24H): 0.00003040 BTC (data provided by Kucoin)
Low (24H): 0.00002956 BTC (data provided by Kucoin)