Bitcoin’s price managed to recover from last year’s bear market so far this year, with its price more than doubling in the past 12 months. A new buy signal shows there’s hope a Santa Claus rally takes it higher.
According to Bloomberg, the GTI Global Strength Indicator on its Galaxy Crypto Index triggered a buy signal after this weekend’s price rise and entered oversold territory, which suggests the cryptocurrency’s price could be due for a bounce.
The news outlet notes the buy signal is the first in a month for the indicator, which measures upward and downward movements of successive closing prices. Cryptocurrency prices recovered this year up until June, but started falling again soon after Bitcoin hit the $13,000 mark.
The negative price action is believed to be related to a Chinese Ponzi scheme cashing out millions worth of cryptocurrency it got from its investors. The cryptocurrency market is, according to Ed Moya, a senior market analyst at Oanda, showing signs of stabilization now. Speaking to Bloomberg, Moya said:
Much of this is being attributed to some exhaustion with the bearish trend that we saw. Overall demand for cryptocurrencies is still there.
CryptoCompare data shows the price of most cryptocurrencies dropped in the last 24-hour period, with bitcoin losing 2.65% of its value to trade at $7,371 in said period and ether losing 3.5% to trade at $128.6.
The price drop comes as cryptocurrency content creators reveal Google’s video-sharing platform YouTube has been removing videos about crypto, falling the videos as “harmful and dangerous,” or over the supposed “sale of regulated goods.”
It’s unclear why the videos are being removed, with some speculating Google is cracking down on the space, or a group on Telegram has been flagging the videos to attack the YouTubers. Those affected include Chris Dunn, Crypto Tips, The Cryptoverse, Chico Crypto, and Node Investor. Ivan on Tech was one of the latest to note his channel was hit:
Can't upload for a week, thank you for this amazing year all and see you in 2020!
— Ivan on Tech (@IvanOnTech) December 24, 2019
In a follow-up tweet, he speculates “someone with a lot of money, a lot of influence, and a lot of power” who could be looking to get the market to dump, would try to stop crypto YouTubers from “talking sense” to their viewers who may be tempted to sell. In his tweet, however, he warned “this is fake news that I’m spreading,” showing he’s just speculating.
Various YouTubers have reached out to the video sharing platform to find out what’s going on, but haven’t so far received a reply. Many pointed out decentralized, blockchain-based platforms are a solution to the problem, with Steemit, DTube, and DLive being used as examples.
Featured image via Unsplash.