RATE Group | Bitcoin Price Must Now Break $8.2K to End 6-Month Losing Streak
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Bitcoin Price Must Now Break $8.2K to End 6-Month Losing Streak

07 Dec Bitcoin Price Must Now Break $8.2K to End 6-Month Losing Streak

Posted at 18:15h in Bitcoin News by

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While Bitcoin (BTC) is in a range between $6,800-$8,200, some altcoins have shown impressive movements during the past week. Some examples are MATIC (+83%) and RVN (+46%). These movements generally occur during low volatility periods in Bitcoin. 

Crypto market daily performance

Crypto market daily performance. Source: Coin360

Now that Bitcoin is attempting to rally above $7,600, into its previous trading range, new analysis and perspectives are needed in order to see if the market can provide continued upside movement for altcoins. 

Bitcoin stuck in a bearish range

Bitcoin’s trend still favors the downside as is shown in the 12-hour chart below.

BTC USD 12-hour chart

BTC USD 12-hour chart. Source: TradingView

The trend is still down where lower highs and lower lows are created. However, the price temporarily found a bottom at $6,500-$6,800. Since that bottom formation, a range is defined between $6,800 and $7,800, in which the $7,800 area is the upper resistance zone.

Another indicator providing range-bound confirmations is the decrease…

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