Weekly Crypto Market Analysis: Bitcoin loses $7,5K Support as 17 Major Altcoins follow its Downtrend
Get the weekly summary of cryptocurrency market trends, news, and forecasts!
This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $203 billion
- Bitcoin recovers from $7,200 slump, but it struggles to get over the $7,500 barrier
- Ethereum loses ground in its battle with the $150 hurdle
- Ripple follows the market’s downtrend with a loss
- Litecoin loses the $50 support and retreats towards the critical $38 level
Crypto Trends 2nd– 8th Dec 2019: PERFORMANCE & ANALYSIS
The last week has seen 18 of the top 20 cryptos lose market value. As per usual, another failed bullish attempt on Bitcoin has triggered the downtrend effect that swiped the entire market.
On Wednesday, Bitcoin had managed to gain the $7,500 support, only to lose it a day later and retreating towards the $7,200 mark. It is yet another disappointing 7-day period for the most popular cryptocurrency in the world.
Bitcoin lost more than 20% of its value in less than a month, and right now, it is far off the $9,346 price that it recorded on November 5th. The coin is fragile and too susceptible to analyst forecasts and predictions.
This week’s failure may find its traces to the controversial tweet from a long-time crypto analyst, Peter Schiff. On the 4th of December, he said that BTC is having trouble attracting new investors and that the “game is over.”
Schiff’s tweet saw an immediate impact on the market as more than $9 million worth of Bitcoin was moved in less than 24 hours.
At the same time, Bloomberg analysts predicted that BTC price will still oscillate between $6,500 and $10,000 next year. In their opinion, 2020 may be just another year of transition for the popular crypto, and that the bear market will still be very much in control of it.
Towards the end of the week, BTC signaled another attempt to break the $7.5K barrier. At the time of this writing, Bitcoin was trading for $7,505.
Elsewhere, Ethereum is showing regression signs that stray it farther away from its $180 goal. The second-most popular crypto may finish the year struggling to overcome the $150 yet again. At the time of this writing, Ethereum trades at $148.97.
Ripple is slowly bleeding value points. At the time of this writing, XRP is trading for $0.2273.
Litecoin looks to remain above the $40 mark after losing the $50 support earlier this week. At the time of this writing, LTC was trading for $45.85.
What’s in the News?
- Enjin Coin increased in value by 60% after striking a collaboration with Microsoft called Azure Heroes
- The Australian Border Force makes possibly the largest cryptocurrency capture in its history after finding $1.5 million worth of crypto on couple smuggling MDMA drugs
- Anti-Virus Mogul, John McAfee announces his Presidential Candidacy for 2020
- Japan’s Softbank may soon offer its clients debit cards that can hold cryptocurrency
- Central Bank of China Issues Blockchain Bonds Worth $2.8 Billion
- SBI Holdings Considers XRP Shareholder Benefit Program
- Nvidia Claims Investors Were Not Misled Over Crypto Mining Boom
Next Week’s Market Forecast
In the upcoming week, the major cryptocurrencies should struggle again with intense volatility. The total market capitalization may drop below the $200 billion mark, and investors may take fewer risks as the year’s end approaches.
Bitcoin may try to get over the $8,000 mark if it secures the $7.5k support again. However, the bears still seem to keep a strong grip on the coin. In spite of the bulls’ aggressive charges throughout the week, the BTC value should not undergo spectacular transformations.
Both Ethereum and XRP should maintain their market value in the next few days, even if they will drop a few points along the way.