The Bitcoin price is in the focus of the cryptocurrency news every day, but the analysis and reports on it are present more these days. As experts said lately, BTC could rally to $9,000 before slipping in again and establishing a new bottom.
The truth is, the most dominant coin has been in a sideways trading season for several weeks now. Even though some claim that the momentum is strong, Bitcoin was above $8,000 but then dropped in the $6,000 region. One thing that is apparent right now is that you have to take it one week at a time.
With Bitcoin currently heading towards the mid $7,000 range, the big question is – is it time to flip bullish? Or is this situation yet another low liquidity market pump that will create CME gap-filling opportunities?
Whether you are trading or just want to put money in crypto in the near future, you should know that BTC could rally. However, if you aren’t capitalizing on the weekly CME gap, you are missing on a lot.
Christmas week is a week when trading was boring – the reason for that was CME which closed for three days (24, 25 and 26 December). Next week is set to be the same with CME announcing that the trading will be closed from December 31 until January 2, 2020.
So, now may not be the best time to initiate trading. However, BTC could rally in this period which is why some investors are bulking up on their BTC holdings. Traders with greater exposure to Bitcoin are driving the price during the weekend when the volume is thinner, and then waiting on institutional traders to fill the gap in the following week.
So, while the bankers may sleep, Bitcoin does not sleep – and could open up a window for a short-term rally before the bear cycle resumes. In other words, BTC could rally and move to the $9,000 region before falling (and if falling) after that.
With the institutional investors easing up over the holiday period, now is the perfect opportunity for the price of Bitcoin to be pushed. If a positive scenario occurs, we could see that Bitcoin and ETH news showing new increases and starting the new year fresh.
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