Exactly on Sunday, the price of Bitcoin rose unexpectedly by over five percent. What’s more, for the first time in two weeks, it exceeded $7500. Analysts unanimously suggest that there is a good chance that the downward trend, which has been going on for a long time, will be reversed and the BTC price will rise further.
Bitcoin price rises by almost five percent in 24 hours
For more than two weeks, that is, since December 8th, BTC has basically been going down every day, falling by more than thirteen percent from levels above $7500 to just $6500. Despite the downward trend on BTC’s course that has been going on for a long time, many experts expected a certain recovery on the cryptocurrencies market itself in December, namely the Santa Claus rally. The December effect is also called the Santa Claus Rally. This is a phenomenon that often occurs on the market in the last month of this year, which results in increases in most stock indices or cryptocurrency quotations.
After a remarkable revival from 6,500 USD last week to the highest levels close to 7,400 USD, Bitcoin eventually found itself in a narrow range between 7,700 USD and 7,200 USD. At the end of the week, during the Sunday session, strong upward movement caused BTC to exceed all key barriers at exactly $7,250 and $7,400, and is now actually heading towards testing levels of $7600. For the first time in a good two weeks, the cryptocurrency exceeded $7500.
Currently, the price of Bitcoin is exactly $7571, an increase of five percent over the last day. On a weekly basis, the increase was almost 6.5 percent. It is very interesting to note that the only coin out of the top ten that rose in the last week and the others fell by several percent.
The mintage of more than $7500 before Christmas has similarly aroused interest in the largest crypto, and some analysts suggest that a reversal of the trend is taking place, although the coin is still in a multi-month and overwhelming downward trend. Investors now expect the price alone to close above $7600 and then test another important barrier at $7800. This would open the way for a much needed jump above exactly $8000.
For this to be possible at all, however, Bitcoin must start to close and also find support above key resistance levels, especially $7500,” says the filbfilb analyst. And an analyst like Crypto Michael thinks that Bitcoin itself can reach between $7800 and $8000 next week.
The top Altcoins are following Bitcoin
Of the twenty largest cryptocurrencies in terms of market capitalization, the oldest of them, Bitcoin, has achieved the highest growth rate, but the dynamics of similar growths are also represented by its hard forks BCH (Bitcoin Cash) and BSV (Bitcoin SV), which alone have an appreciation range of some 3.4 percent. Of the leading altcoins, Litecoin, Ethereum and also Binance Coin have similar increases.