Bitcoin price increased and led to a range of other valuable cryptocurrencies

The cryptocurrency market today witnessed a slight increase when the Bitcoin price recovered slightly. Over the past few weeks, the bulls have been trying to push Bitcoin higher but failed to break the $7,800 to $8,100 resistance zone in two consecutive times due to insufficient momentum. As a result, Bitcoin currently remains within the $7,300 price range.

Bitcoin price recovered slightly after the holiday

Bitcoin price is currently trading around $7,304, a slight increase of 1% compared to yesterday. Typically, the end of the year is when Bitcoin always closes at a pretty good price. Therefore, according to many people, today’s recovery is a prerequisite for a return to the bull market – which has been driving the cryptocurrency industry for the past two years. However, AZCoin News still feels it is too early to raise prices.

bitcoin-price-increased-and-led-to-a-range-of-other-valuable-cryptocurrencies[1]

Source: TradingView

Over the past few weeks, the bulls have been trying to push Bitcoin higher but failed to break the $800 to $8,100 resistance zone in two consecutive times due to insufficient momentum.

At $7,300, the area will become a yearly and monthly resistance area, and Bitcoin will need to close the weekly candle above the area above before starting a new bull market. Still, Bitcoin has not risen from a macro perspective.

Meanwhile, Crypto Thies, another well-known trader on Twitter, recently said that despite an active recovery from the low. But, according to his MarketGod indicator, Bitcoin will continue its downtrend. The MarketGod indicator has been following Bitcoin’s macro trends for the past six years and gives an accurate forecast of 100%. In particular, four previous predictions were correct. Currently, MarketGod is showing a Sell signal on the monthly Bitcoin chart, showing a new decrease for Bitcoin.

The last time the MarketGod’s sell signal appeared on the monthly time frame was in mid-2018. Shortly after, Bitcoin dropped 50% to the $3,000 area.

Top 20 mixed red and green cryptocurrencies

The market’s second-largest cryptocurrency, Ethereum, is trading at $126.96, up to $1.96. Opening the session, the ETH price was listed at $125. In terms of profits for the past seven days, ETH still fell about 1%.

The XRP traded around $ 0.191, up to $0.002, opening the XRP listed session at $0.187. Bitcoin Cash, Litecoin and Bitcoin SV are the top 10 names with an increase of over 3% on the day, recording prices of $206.49, $41.57, and $91.54, respectively.

With volatility today, the cryptocurrency market capitalization is maintained at $193 billion, up slightly by 2% on the day.

bitcoin-price-increased-and-led-to-a-range-of-other-valuable-cryptocurrencies

Source: Coin360

After plummeting to $6,400 earlier this month, Bitcoin has had a strong rebound, pulling the price up to $7,700 over the weekend.

South Korea’s central bank plans to recruit more digital currency experts to build on existing central bank digital currency (CBDC) research. Along with its analysis, the bank also plans to discuss the development of CBDC with the Bank for International Settlements and other international organizations.

While the larger economies are considering launching or researching on CBDC, the Bahamas Central Bank is expected to pilot cryptocurrency in one of the counties on December 27. plans to expand the project to another district in the first half of 2020.

Russia’s central bank, along with exploring the launch of its digital currency, has also begun testing fiat currencies that are tied to real assets. However, Elvira Nabiullina, head of Russia’s central bank, said that although the bank is studying the potential use of stablecoins, it does not assume that it will act as a means of payment and return to the bank into a money substitute.

These developments show that central banks have begun to realize the advantages of cryptocurrencies but are not willing to accept it publicly. However, as cryptocurrencies find greater acceptance in the real world, central banks will be forced to enhance their games to keep up with the competition. This is likely to prove beneficial for the price of cryptocurrencies. Let’s see if we discover any buying opportunities in the major cryptocurrencies.

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