On Wednesday (December 18), after Bitcoin had fallen below $6,500 for the first time since May 11, strong buying pressure finally arrived, taking Bitcoin to above the $6,800 level, and heading fast toward $7,000:
According to data from CryptoCompare, yesterday (December 17), Bitcoin fell to as low as $6,601 (by around 23:05 UTC); this was the lowest price it had been since November 25:
Bitcoin started today at $6,629, and three hours later, it had gone up by $100. Bitcoin then started falling and kept falling until 13:20 UTC by which time it had reached $6,466, which is the lowest level it has been since May 11.
Bitcoin below $6,500 was too good a bargain for the bulls to ignore, and within around two hours, strong buying pressure had helped Bitcoin to rise 6.15% to $6,864.
Currently, Bitcoin is trading at $6,839, up 1.21% in the past 24-hour period:
What is interesting is that around 12:36 UTC, which is before Bitcoin had reached its seven-month low of $6,466, Jacob Canfield, the #1 ranked Bitcoin analyst on TradingView, had sent out the following tweet:
Today is the day I will hunt for a long position.
Watch for bear traps shorting below $6500.
— Jacob Canfield (@JacobCanfield) December 18, 2019
And shortly after Bitcoin had started to bounce back, this is what crypto analyst/trader and macro economist Alex Krüger had to say about today’s price action:
$BTC 6400 was the first key level below and got strongly defended. This is a bear market though. Contrary to what cheerleaders want people to believe, the halving is not supposed to make longs rich. I bet cheerleaders making predictions do not even know what econometrics means. pic.twitter.com/cvQPqUn7el
— Alex Krüger (@krugermacro) December 18, 2019
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