There is a shortage of buyers in the Bitcoin market, as can be seen very well in the current chart. The downward candles are far stronger than the upward candles, which also confirms the current situation. On December 16, the $ 7,000 mark even fell.
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Bitcoin (BTCUSD) – Bybit
As the current Bitcoin market shows, there currently seems to be hardly any prospective buyers. The price is slowly but surely falling lower, with important supports falling. On December 16, the price even fell below $ 7,000 again, after Bitcoin had been struggling with the monthly opening at around $ 7,550 since the beginning of December. Since then, the BTC has never managed to get through the week openings, which is always a bearish signal for the rest of the week.
If things continue to go down, and the current situation looks very strong, the price could land again at around $ 6,500, with a chance of going up again. If this area falls, the next stronger hold is around $ 5,800. Should the price turn around at the current range, which would be quite possible, the next resistances are at $ 6,980 and an important resistance at $ 7,100. A day candle should close above both so that the situation relaxes somewhat.
The 4-hour chart shows the struggle in key areas such as $ 7,100 or the Monthly Open. The chart also clearly shows that things have been going steadily downwards since the beginning of December and that the candles are much stronger downwards than upwards, which shows that there are currently no buyers in the market.
It will be particularly exciting until the end of the year, as we saw Bitcoin’s floor at around USD 3,100 at this point last year. Many fear that it will go down so deep again, even if there are some stronger supports before, like the one at USD 5,800. Even the halving event, which is due in May 2020, hardly seems to play a role at the moment. However, one should not forget that the markets generally weaken, especially towards the end of the year, which means that the trading volume decreases as the large players close their positions so that they do not have to monitor them over the holidays.