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

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

Posted at 15:22h in Bitcoin News by

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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…

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