WMA: The Bulls struggle to keep Bitcoin above $19,000

Data & Research / 06.12.2020

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 $567 billion.
  • Bitcoin almost reached $20,000 but lost momentum towards the weekend.
  • Ethereum increased by nearly 7% in value throughout the week.
  • XRP dropped points to trade beneath $0.60 in the past seven days.
  • The crypto market gets support from Comptroller of the Currency in the US, Brian Brooks.

Crypto Trends 30th of November – 06th of December 2020: PERFORMANCE & ANALYSIS

The cryptocurrency market ends another week under the sign of extreme volatility. While it saw an increase in market capitalization of roughly $20 billion, Bitcoin and most of the altcoins did not experience the predicted increases from the end of November.

Bitcoin started the week galloping, and by Tuesday evening, it was trading at $19,840. Many investors were hoping that the primary cryptocurrency would break the all-time high record of 2017 at $20,089, but the bears had other plans in mind. In less than 24 hours, BTC lost more than $1,600 in value. It then traded around $18,500 for the rest of the week and only climbed above $19k on the weekend.

At the moment, Bitcoin is trading around $19,145, and the bulls are aiming to push it past the next resistance level at $19,656. If they fail, the nearest support lies at $18,330.

Ethereum had a wobbly week as well, as it struggled to get back above $600 and continue its surge from mid-November. It only increased by almost 7% throughout the past few days, and it is looking for a strong push to break past the psychological resistance level at $620. Ethereum is now trading at around $595, and it is trying to stay as far as possible from the nearest support level, which lies at $560.

Ripple’s XRP appears to be catching its breath after a spectacular rise throughout the last three weeks. After a 5% drop in the last seven days, XRP is trading now at around $0.597. The closest level of resistance is at $0.67, while the nearest support lies at $0.5.

Elsewhere, the DeFi sector gained more than $1 billion in locked value protocol this week, as prominent protocols like Compound, WBTC, and SushiSwap recorded substantial value increases. The total value of locked value protocols in DeFi has now reached $14,54 billion.

Some excellent news for the cryptocurrency market came from the Currency Comptroller in the US, Brian Brooks, who said that the US has no plans to ban crypto. On the contrary, following the end of the Trump administration, the country will establish a clear and secure framework for the wide adoption of digital asset trading and holding.

What’s in the News?

  • The Australian cryptocurrency exchange, BTC Markets, has mistakenly exposed more than 270,000 emails of its customers.
  • Crypto exchange Kraken conducted a sentiment survey revealing the investors’ belief that in 2021 Bitcoin will reach $36,000.

Next Week’s Market Forecast

The cryptocurrency market wants to enter 2021 from a solid position, so it is unlikely to see major disruptions in the remaining month of a historically tumultuous 2020. Bitcoin remains strong, and it should aim to overcome its ATH by the end of December. Next week, we should see a new attempt from the bulls to strengthen its position above $19,000.

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A creative writer in the field of content writing for the past 7 years. Iulian is passionate about his work and his interest in areas such as technology, travel, sports, literature and gastronomy have aided him to the research quality in articles that reflect these themes. Recently, he discovered the Bitcoin and the blockchain technology and he’s a big fan now.