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Bitcoin (BTC) Price Analysis for December 26

When will the long-term correction of Bitcoin (BTC) begin?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The bearish mood has come back to the cryptocurrency market as almost all Top 10 coins are in the red zone. Bitcoin (BTC) and Litecoin (LTC) are the only gainers from the list.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

Meanwhile, the market capitalization has increased by around $3 billion over the last day.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant Bitcoin data is looking the following way:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $463,034,368,092

  • Price: $24,942.49

  • Volume (24h): $42,016,224,631

  • Change (24h): 1.90%

The data is relevant at press time.

BTC/USD: Can bulls fix above from the first attempt?

Bitcoin (BTC) keeps setting new all-time highs almost every day. Bulls only needed a few days to get to $25,000.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) has made a false breakout of the $25,000 mark. However, buyers are keeping the pressure on, which means that there is a high chance of seeing a fixation above $25,000.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the bigger time frame, a retest of the closest support at around $24,300 may occur. The low liquidity at the current levels might be a signal for a further correction.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily chart, the chief crypto is already located in the overbought area, which means that a correction might occur soon. The declining buying trading volume implies a potential drop.

👉 MUST READ BTC, XRP, LTC, BCH and ADA Price Analysis for December 25related article image

If Bitcoin (BTC) cannot fix above $25,000, the support at $23,800 may be tested by the end of the year.

Bitcoin is trading at $25,127 at press time.

 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com