Bitcoin, Ripple (XRP) and IOTA are rising: Is there a steady uptrend coming?

  • Bitcoin surprisingly rose in the last few hours from USD 7,110 to briefly USD 7,650, breaking two important resistances.
  • Analysts speak of a bullish momentum when Bitcoin closes above the USD 7,600 mark as new support.

Yesterday, Sunday 22nd December 2019, Bitcoin started a short rally. The price rose from USD 7,110 to a short-term USD 7,650. In the process, BTC broke through two resistances at 7,400 USD and 7,600 USD within a few hours. Active traders will keep a close eye on the price and wait for Bitcoin to close above 7,600 USD and then move on to the next resistance at 7,800 USD.

The sudden price increase occurred over the weekend when the Chicago Mercantile Exchange (CME) was closed. As soon as the CME reopens its markets, there is a difference between the closing price and the opening price, the so-called “CME futures gap”. Due to the fact that the CME only offers its cash settled Bitcoin futures during weekday trading hours, some such “CME Bitcoin Future Gaps” have been created since December 2017.

As a result, a gap has also arisen at USD 7,230, which could be closed in the near future. CME gaps have almost always been closed in the past, so Bitcoin could fill this gap in the coming days. However, whether this indicator actually represents a reliable signal is controversial.

The experienced Bitcoin trader Josh Rager writes on Twitter that Bitcoin could break through the Fibonacchi level of 0.786 and the price could fall to USD 7,576. In his opinion, Bitcoin will only then see a further rise in price. In addition, he believes that a reversal of the trend will not occur until Bitcoin breaks through the resistance at $8,000 and can hold for several days.

Some Altcoins were able to follow the increase of Bitcoin. Ethereum increased by 3.13% to USD 133.94, XRP by 1.24% to USD 0.19 and IOTA by 1.06% to USD 0.16. You can find a complete list of all top 2,000 cryptocurrencies in our marketcap chart. The market capitalization of all cryptocurrencies at the time of writing is 198 billion USD.

Adaptation is the key to success

The Bitcoin bulls Tim Draper and Brain Kelly agree that Bitcoin can rise to a price of USD 250,000 next year. Further acceptance and distribution will play a decisive role in this. According to Tim Draper, Bitcoin has fallen short of the community’s expectations, but nevertheless shows a positive development.

Ripple has identified three trends for a progressive adaptation of digital assets such as Bitcoin. There is a growing demand for mobile wallets that allow customers to do everything in one place. In addition, the demand for credit and loan offers is growing in developing countries. This will also lead to further expansion and acceptance. Tourists will also benefit in the long term from the use of Bitcoin or XRP.

Another indicator of progressive adaptation is the use of new Bitcoin financial products, such as Bitcoin Futures on the Bakkt exchange. The volume rose to a new record high of USD 110 million last week (+46% compared to the previous week) and shows a growing interest of institutional investors in the Bitcoin market.

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About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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