Bitcoin’s tumultuous times continued in December too, as the world’s largest cryptocurrency saw another fall in its price since the start of the last month of the year. The asset’s crash below the $7300 mark ruffled the feathers of several users and holders who expected the value to drop even further.
At the time of writing, the crypto king stands at $7348 with a total market cap of 132.5 billion USD. The 1.71 percent fall over the past 24-hours caused the market volume to decrease to over $10 million. This community included people like MAGIC, a popular crypto proponent who tweeted:
“You see that? BTC is currently dipping below the head and shoulders neckline, the 50 week MA, and the 61.8% retrace – all things I’ve been warning about. Too much time under here could generate panic selling.”
The Relative Strength Index (RSI) for Bitcoin stands near the oversold zone after BTC price panic caught on with the community. The hold near the lower zone means that the selling pressure is higher than the buying pressure.
The Chaikin Money Flow, on the other hand, was showing positive signals on the charts despite the decline. The metric painted the picture of an increased capital influx into the Bitcoin market after a steady climb from the bottom of the zero line.
There have also been specific rumors in the space that speculated about the impact of the halving on Bitcoin’s price. Jason Williams, the co-founder, and partner at Morgan Creek Digital Capital stated that the halving as an event would only create minimal effects on crypto price movements. The bitcoin supporter added:
“New buyers have to come in to move this market up. So other than a new headline, the halving is being dealt with now by those who are operationally affected by it. Those that don’t will be priced out of the mining business.”
The analyst opined that the halving was not an event set in the future but rather was something happening in the short term. He even claimed that many members within the field were not even aware of such an event happening in May. The BTC community has been betting on the price of the asset rising because of the supply and demand phenomenon, where if half the tokens get burnt then the price will go up proportionately.
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.