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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Everything Except Bitcoin is Rising This Christmas Season, and It’s Bad

Yashu Gola
Yashu Gola
1 year ago
3 mins read

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Offbeat asset bitcoin is having a difficult time attracting investors during this Christmas holiday.

The benchmark cryptocurrency, which is still up by more than 100 percent on a year-to-date (YTD) scale, plunged by up to 8.27 percent this week. On Friday, bitcoin established a fresh weekly low of $7,053.32. At its highest, it was trading at $7,688.99.

bitcoin, cryptocurrency
Bitcoin continues downside moves despite favorable investment opportunities | Source: TradingView.com, Coinbase

The move downhill followed a relief price rally last week, wherein bitcoin surged by 19.58 percent after locating a strong footing near $6,400. Nevertheless, the broader outlook showed the cryptocurrency in a medium-term downtrend. It is now continuing in the same downward direction as the $7,400-7,600 area continues to reject bullish advancements.

Investor Look Elsewhere

The bitcoin’s ongoing downtrend comes at a time when other major assets/markets are registering fresh highs.

On Thursday, the Wall Street notched its best levels over hopes of a positive trade deal. US President Donald Trump tweeted on Christmas even that their prolonged trade war with China is coming to an end.

“The deal is done,” he said. “It’s just being translated right now.”

The anticipation of a trade peace prompted the three major US stock indexes to mark new records on Thursday. The S&P 500 (SPX) established its historic high after touching 3,240.1 while the Dow Jones (DJI), too, climbed to its best level of 28,624.1 points.

The Nasdaq Composite Index (IXIC), meanwhile, climbed 1.03 percent to close above 9,000 points for the first time.

amazon, nasdaq, bitcoin, gold
Amazon shares (AMZN) jumped 4.45 percent to help Nasdaq close above 9,000 points on Thursday | Source: TradingView.com, CBOE

Christmas turned Diwali for Gold as well. The bitcoin rival closed Thursday above the $1,500 mark, indicating that investors are maintaining their portfolio risks against a visibly overbought equity market.

Unfortunately, they did not shower much love on bitcoin, which – for the most part of the year – projected itself as a better haven asset. The cryptocurrency remained mum even as the appetite for its rival asset Gold grew among investors.

No Recovery for Bitcoin?

The global market is entering 2020 with a positive mindset.

Wall Street unanimously agrees that the year would bring more gains to equity markets. Out of 18 institutional investors, 15 predicts that the S&P 500 would continue trending higher – owing to favorable US jobs data, moderate economic growth, lower inflation, and the Federal Reserve’s decision to pause rate cuts.

As interest in equities grows, bitcoin will still be occupied in strengthening its core infrastructure. That will include the establishment of derivative platforms and addressing regulatory concerns related to price manipulation.

Market analyst Cantering Clark predicted that bitcoin would continue trending downwards at least in the first segment of 2020. He noted that the options market is losing interest in the cryptocurrency, which could influence spot traders to capitulate.

https://twitter.com/CanteringClark/status/1210084575386447877

At the same time, many are eyeing bitcoin to register fresh historic highs after the cryptocurrency goes through its halving in May 2020.

The event would slash bitcoin’s mining reward from 12.5 BTC to 6.25 BTC. Bulls think that it would make bitcoin more valuable against a potentially increasing demand.

Supply is fixed.
Demand is growing.
Hashrate is growing.
Security is strengthening.
Halving is approaching.
…
Momentum is about to shift.

Live and learn.#bitcoin

— A v B (@ArminVanBitcoin) December 27, 2019

 

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Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

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Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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