RATE Group | Bitcoin Price ‘Boring and Fragile’ as Trader Plans for Dip Below $7K
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Bitcoin Price ‘Boring and Fragile’ as Trader Plans for Dip Below $7K

12 Dec Bitcoin Price ‘Boring and Fragile’ as Trader Plans for Dip Below $7K

Posted at 10:20h in Bitcoin News by

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Bitcoin (BTC) continued its broad downtrend towards $7,000 support on Dec. 12, failing to break out of a behavioral pattern that has left traders uninspired.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

Bitcoin could face “significant drop”

Data from Coin360 showed BTC/USD trading down around 1.2% on the day, with only a brief spike to $7,265 punctuating the otherwise lackluster performance.

The sudden uptick met with selling pressure within minutes, markets tanking to local lows of $7,107 before recovering to current levels around $7,150. 

Bitcoin seven-day price chart

Bitcoin seven-day price chart. Source: Coin360

Bitcoin has nonetheless lost over 3% since last week, with traders’ hopes for a retest of resistance closer to $8,000 so far going unanswered. 

Now, regular Cointelegraph contributor Michaël van de Poppe said that if fresh energy did not appear, Bitcoin could be in line for a “significant” drop. 

“Boring & fragile markets here,” he summarized in his latest Twitter update on…

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