The Price Action in Bitcoin As The Year Ends

Read The Price Action in Bitcoin As The Year Ends

Over the past one week, there have been a mixed trends and movements on Bitcoin value, On December 22, there was a slump in price to $12,000, and then recovered by $4000 shortly. Bitcoin volatility seems to continue although it has recovered some value after pre-Christmas collapse. This recent plunge has left many bitcoin investors worried about bitcoins unpredictable nature and the markets incapability to cope with sudden shifts in demand. Analysts feel that the price action is normal. In 2017, the Cryptocurrency has crashed severally but every fall has been followed by huge appreciation.

On Wednesday, the opening quote price changed as it traded at $15,940 a coin, gaining roughly 1.3%. After Christmas, Bitcoin price appears to recover from the slump as it is in an ascending pattern and it seems to be testing the resistance. If the bullish pressure increases, it will allow the upward trend to continue.

Currently unconfirmed transactions of up to 175,000 have been received in the bitcoin mempool which is a decrease from the recorded 250,000 few days ago. During downward price movements an uptick of transactions is expected, as was evidenced from December 17^th to 22^nd. Post Christmas trading volumes have been on a lighter side mostly due to Bitcoin bad press. News updates that scare Bitcoin investors such as the bankruptcy of mt.Gox in early 2014 produced fears in investors driving the value of Bitcoins down. However, Bitcoin-friendly enthusiasts perceive those events as evidence of a maturing market, increasing the value of bitcoin remarkably high in a short period.