Bitcoin Price Is Still Holding Above $7,100, Momentum Is Slow As Usual

The momentum before the New Year is slow as usual and in today’s cryptonews we can see that the Bitcoin price is still holding above the $7,100 mark. In fact, at press time Bitcoin is at $7,239 with a market cap of $131 billion and a dominance of 68.7%.

Generally speaking, the dominant cryptocurrency is still part of a sideways trading session after the overspending which occurred during Christmas which made BTC free of any volatility. As data charts show, BTC/USD is hovering practically in the middle of its monthly range between the $6,500 and $7,770 zones.

According to the analyst Michael van de Poppe, Bitcoin should put in a new low in USD terms. He summarized this in a tweet and predicted a “January-February 2020 bottom formation,” explaining that the overall market conditions are “relatively calm” now.

“Two years ago it moved from $12,100 to $15,500 between 24-26 December. That’s a hectic Christmas. This is relaxing,” van de Poppe wrote as the Bitcoin price is holding in the $7,100 and $7,200 regions.

Well, Bitcoin is dropping $100 during Christmas.

I like that. A relative calm market.

Two years ago it moved from $12,100 to $15,500 between 24-26 December.

That's a hectic Christmas. This is relaxing.$BTC

— Crypto Michaël (@CryptoMichNL) December 25, 2019

The picture has been the same and the Bitcoin price is still holding above $7,100 – with the only serious uptick occurring when it visited $7,660 earlier in the week. As 2019 draws to a close, the prices remain the same and the market is calm. Without any serious movements in the latest altcoin news, most of the coins are today in the greens and stabilizing as we speak.

For instance, we can see that Bitcoin Cash (BCH) is up by 3.54% and EOS (EOS) is following this rise with a 2.12% increase, too. In the top 20, Chainlink (LINK) is leading with 5.14% surge while Cosmos (ATOM) is again following the leader with 4.29% gains, respectively.

Motionless and without something that will pop in our eye, Bitcoin is still holding above and for many is still trading on old glory. The altcoins are following this momentum and the only sore loser over the past two weeks has been Ether (ETH), which did not manage to rise even despite the previous hard forks and upcoming updates.

The total cryptocurrency market cap today is at $190 billion and it is again fighting to go above the $200 billion mark. This could only happen if Bitcoin and the altcoins escape their slow trading scenarios.