Bitcoin price turned green above $7,400, the cryptocurrency market appeared to be recovering

By Selena 12/29/19 8:14 PM

The cryptocurrency market improved today with Bitcoin (BTC) showing signs of recovery when returning above the price of $7,400. However, Bitcoin is unlikely to break resistance below $6,500 or above $8,500 in the short term.

The Bitcoin price is like a spring of compression, waiting for a breakout

Over the past few weeks, the Bitcoin price has been trading around the $7,200 threshold. Many market analysts say this move is like a spring being compressed. Bitcoin will soon experience significant price movements over the next few weeks or months.

And as AZCoin News mentioned, in the short term, it seems that Bitcoin is on its way to reaching $7,400. And yes, the Bitcoin price is currently hovering around $7,433, recording a 2% increase in the last 24 hours. With this slight increase, AZCoin News predicts that the currency will recover when selling pressure is absorbed.

Bitcoin’s stagnation in the range of $7,000 – $7,300 could be the cause of sharp price fluctuations shortly. Furthermore, there are Bollinger Bands on the Bitcoin price chart.

BTC/USD daily chart | Source: TradingView

Top 20 leading cryptocurrencies turn green

Meanwhile, Ether (ETH) continues to sync with BTC. The leading altcoin has bounced off the daily low at $126 before rising to the current trading price around $134. Ether only had a modest increase of about 4% at press time.

XRP – the third largest currency by market capitalization – also follows today’s uptrend and is currently trading at $0.196. XRP has only increased by more than 2% in the last 24 hours.

Source: Coin360

The top 10 coins with the largest capitalization made a surprise this morning when ETH and Bitcoin SV achieved a 4% increase in the past 24 hours. Bitcoin SV recorded a price of $98.53, up 16% in the past seven days.

Most of the top 20 coins in the market continue to show signs of recovery, with NEO leading the way with an increase of more than 6% on the day. However, Tezos (XTZ) and Cosmos (ATOM) were down about 4% on the day.

The total market capitalization of cryptocurrencies is currently at $196 billion. In particular, the Bitcoin Dominance Index is reaching 68.4%.

Where does this recovery come from?

Perhaps the selling pressure on major exchanges like Coinbase and Binance is being absorbed. The technical indicators have become more and more optimistic as Bitcoin may be showing a bottom.

Famous Bitcoin Trader Jacob Canfield said that many of the sales were being bought on low time frames. That means a gentle short-term price recovery is likely to occur.

Lots of sells being absorbed on #Bitcoin low time frames on Coinbase

Someone was trying to push it down but it was being heavily defended.

Should see a nice push. pic.twitter.com/sV8kgOsFrD

— Jacob Canfield (@JacobCanfield) December 28, 2019

As the technical indicators head towards the short-term accumulation period, Tether is also displaying the premium compared to Bitcoin. Frequently, when USDT/BTC is traded at a higher price than fiat, it shows that investors are accumulating.

Analysts predict a future light rally is imminent, as the signals of the short-term bottom coincide with Bitcoin’s monthly closing.

For the next three days, Bitcoin’s candle will close, which is likely to be the seventh-highest low candle from the beginning of 2019. While BTC is technically on a bearish trend, a slight rebound may occur when leading cryptocurrencies head towards a critical moment tomorrow.