At the time of writing, BTC/USD was changing hands for $7,230.01, down about 2% in the last 24 hours and not changing since the start of the day. The cryptocurrency of the first choice is closed in the range with a moderate bearish bias before the New Year.
Brokers and financial specialists will, in general, leave the space during significant occasions. Accordingly, low, slow action prompts low volumes and low liquidity. While the generally merry season in the business sectors is exhausting, unusual occasions may dictate strong price fluctuations in the market.
The third halving of the Bitcoin blockchain is slated for May 2020. However, the industry has just started to get ready for this occasion. Forecasts extend from breakdown to unanticipated occasions and new verifiable highs. The individuals who state that a halving won’t influence price demonstrate that they are completely already factored in the market.
National banks and controllers keep on investigating the possibility of giving computerized assets a chance by the government. China drives the path with computerized yuan. As indicated by authorities, the undertaking is at the last phase and in no time will be propelled in pilot mode. The administration is additionally considering extending its guideline of Forex exchanging for the digital money industry to check infringement of capital controls and avoid unwanted control.
Russia is another nation that is effectively exploring different avenues regarding Stablecoins. The leader of the Russian national bank, Elvira Nabiullina, affirmed that the controller tried different Stablecoins inside the administrative structure.
Parliament in South Korea to discuss cryptocurrency in January. Legislators are expected to follow the guidelines of the Financial Action Task Force (FATF) when drafting South Korean law.
In 2019, prices for bitcoin and altcoin were generally rough. On the flip side, BTC managed to maintain almost 90% of the profit from the beginning of the year following the results of the year. Proceeding from here, it is expected that bitcoin halving will occur in May 2020. It will probably be the presiding core of the entire crypto space before and after its halving, and the market charisma will probably change both in BTC and in altcoins.
BTC/USD Bearish Momentum Remains Valid
Supply Levels: $7,100, $6,800, $6,500
Demand Levels: $8,000, $7,800, $7,600
As of today, the price of the asset has risen slightly to $7,245.00 on Tuesday. Daily indicators show the absence of strong support levels at the bottom, which indicates that a further plunge in prices may not be unexpected.
From a technical point of view, local support is generated at the level of $7,100. This is followed by a psychological price level of $7,000 and $6,800, which is holding back the decline in recent weeks.
On the flip side, there is a need for sustainable movement past the price level of $7,600 so that the growth potential gains upward momentum. The resistance area is created by a combination of a moving average of 5 and 13 daily and upper horizontal levels. As soon as the level falls, the upside potential is likely to gain momentum, focusing on the next price level of $8,000.
Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.