Bitcoin price has been showing slight movements

Bitcoin price has been showing slight movements

After the Bitcoin price has been showing slight movements over the weekend with no real price action, it has finally started getting back to life. This price action has continued to early Monday morning with the cryptocurrency approaching $7600 after trading under this level for days on end. It further expected to go up to $8000 in the coming week.

On December 23rd, digital currency markets are meandering at levels that promise positive developments but has still left traders uncertain on the path ahead. The market cap of 4000+ cryptocurrencies is hovering at around $200 billion, and Global Trade Volume is about 84 billion dollars. BTC currently priced at $7541, and prices are up by 4.57% for the week. The overall BTC market valuation is representing 68% dominance over other coins. Ethereum (ETH) is down 2.4% this Monday, and each ETH is swapping for $133. Behind ETH is ripple (XRP) as each coin is trading for $0.19, but prices are up 0.89% over the last seven days. The stable coin tether (USDT) is sitting in fourth position today and is swapping for $1.00, but prices are down by 0.54%. Bitcoin Cash (BCH) is priced at $195 and has soared by 3.05% today.

Whale movements and Rekt Long positions:

Traders have seen some significant price movements large holders have been moving massive sums of cryptocurrencies. According to Whale Alert, a Twitter bot that tracks coins like BTC, ETH, XRP, USDT, EOS, BNB, and XLM, millions of dollars (occasionally a billion) in single transactions have moved by whales.

In addition to the enormous movements, another tracker called Whalecalls shows that a bunch of traders playing long positions on Okcoin liquidated routinely. Similar action can be seen on leveraged markets on Bitfinex and Bitmex as well.

Fear and Head-Fakes

During the last two weeks or longer, the general sentiment throughout the crypto-economy has been quite bearish. At the time of writing, the Crypto Fear and Greed Index (CFGI) indicates that investors are showing a level of “fear.” However, in August, the CFGI score was a 5, which pointed to “extreme fear” regarding the crypto community’s emotions and sentiments. Today’s data stands at 33, which is far better.

Even though various analysts have predicted a rise of bitcoin up to 7800 or also 8000 dollars, there is considerable fear as not everyone convinced with the jump. Confident analysts believe that the current price action is shaping towards a BTC bull trap looking to the fact that the leading cryptocurrency is entering a high time frame liquidity pool. It may result in Bitcoin’s rejection from $7,600, to potentially collapse back into the low-$7,000s or even the high-$6,000s. It’s safe to say that even the most cautious analysts do not know which way crypto markets will swing from here.