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- The Bitcoin price has recovered to around 7,200 US dollars.
- It remains to be seen whether this is a sustained trend or only a brief momentum.
After the Bitcoin price has experienced a “black weekend”, it has currently recovered slightly. Yesterday, Monday, November 25, 2019, BTC recorded a temporary low of almost USD 6,500. However, the Bitcoin price bounced off this mark and initiated a short-term phase of recovery.
At some point, the BTC price rose to USD 7,380. However, Bitcoin was unable to maintain this local high. At the time of writing, BTC was trading at USD 7,185, a rise of 5.2 percent over the last 24 hours. However, it remains to be seen whether the recovery will continue or whether it will only be a short breather until BTC will continue its downward trend that has started at the end of June.
CME Futures Gap filled
As CNF reported yesterday, the Bitcoin futures on the Chicago Mercantile Exchange (CME) expire on Friday. They have a significant impact on the Bitcoin price. A few days before the expiry, mostly 1 to 2 days before, Bitcoin usually records a larger price movement. As always, speculation remains as to which direction the Bitcoin price will move this time.
Moreover the influence of the CME Bitcoin futures was evident yesterday in the shape of the “CME Gap”. This price indicator is often used in the Bitcoin community to predict price movements. CNF reported that many analysts had pointed to the “CME Gap” at 7,300 US dollars. As a result of yesterday’s rise, the gap was actually filled and the indicator was once again confirmed. The nearest CME gaps are now 6,000 and 10,100 USD, Spiral said on Twitter.
#BTC #CME gap is now closed . Nearest areas with gaps pending fill are 6k are & 10.1k area . #crypto pic.twitter.com/VDQa5oKL0K
— spiral (@______spiral) 25. November 2019
Where is BTC heading next?
Mike Novogratz said that to confirm an upward trend, Bitcoin must rise to USD 7,500 in the next two days. Otherwise, Novogratz believes that the BTC price could again fall in the range of USD 6,000 to USD 7,400.
BTC chart needs to recover 7500 in next two days or we will be in a 6k-7400 range which would be less than pleasant.
Other analysts have a similar sentiment and believe that the USD 8,000 level is an important mark to defy the bear trend. Loma, a popular cryptocurrency analyst on Twitter, explained that BTC remains under the bears’ firm control until it exceeds $8,000.
Bulls want that to be the end of the dump. That targeted $6,000 – $6,300 support got front-ran and now we make new highs.
Bears want this to be a liquidity trap. $7,400 – $7,600 bearish retest and fall over.
Won’t fight the bear trend until we reclaim ~$8,00 convincingly. pic.twitter.com/wKKc7sxxx3
— Loma (@LomahCrypto) 25. November 2019
Is the bull market after the Bitcoin Halving?
One event that many investors see as a bright spot and a great hope for a rising Bitcoin price is the Bitcoin Halving. In the past, it was practically a guarantee that the BTC price would rise. This is due to a simple economic principle: the scarcity of supply.
As a result of halving the block reward, the supply of new Bitcoin (BTC) will be significantly reduced – from 12.5 to 6.25 BTC in May 2020. As a result, according to the theory, an excess demand arises, which leads to a rising price.
At the moment, however, the hoped-for Halving effect is not really happening. As Rekt Capital showed via Twitter, this does not have to be a bad sign. Historically, the price increases after the halving were much higher than before.
Key Bitcoin tendency:
“If #Bitcoin rallies less pre-Halving, then it will rally more post-Halving”
Pre-Halving 1 growth: +663%
Post-Halving 1: +3,400%
Pre-Halving 2: +383%
Post-Halving 2: +4,080%
Pre-Halving 3: +340%
Post-Halving 3: ?https://t.co/4StGraQAaQ$BTC #Crypto
— Rekt Capital (@rektcapital) 25. November 2019
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