RATE Group | Bitcoin Price Short-Term Indicators Hinting at $7.4K Weekend Bounce
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Bitcoin Price Short-Term Indicators Hinting at $7.4K Weekend Bounce

13 Dec Bitcoin Price Short-Term Indicators Hinting at $7.4K Weekend Bounce

Posted at 19:54h in Bitcoin News by

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The price of Bitcoin (BTC) has headed north over the last 24 hours, up over 1% at $7,272. As a result, each of the major cryptocurrencies has followed the market leader with the total cryptocurrency market cap reaching $198 billion and BTC dominance remaining steady at 67% of the total market. In other words, Bitcoin’s market cap now stands at $132 billion.

Cryptocurrency market daily view. Source: Coin360

Cryptocurrency market daily view. Source: Coin360

Weekly chart

 BTC USD Weekly chart. Source: TradingView

BTC USD Weekly chart. Source: TradingView

Despite a strong finish to the week, the price of Bitcoin is down 3.2% from the opening of $7,520 on Monday morning. The 50 and 100-week moving average (WMA) crossed this week, which is typically a sign of a market shifting to a more bullish trend. But as it stands, Bitcoin remains below the 100-WMA and has been unable to break through the previous support that has now turned into resistance at $7,600.

It is critical that the $7,600 level be reclaimed in order to be able to declare that there has been a fundamental shift in…

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