Bitcoin Price Analysis — December 13

Bitcoin Price Analysis — December 13

After only two days since its foray to the $17,500 area, Bitcoin (BTC) appears to have recovered fully after a dramatic spike to the $19k region over the weekend. Several other Altcoins joined in on the weekend rally, except for Ripple (XRP), which remains bearish following the Spark (FLR) airdrop snapshot.

On Friday, the benchmark cryptocurrency unexpectedly fell from the $19,000 to the mid-$17k area. However, following the close of Wall Street for the weekend, bulls took the initiative and restored BTC to the $19k level. At press time, Bitcoin is trading at $19,164 after recording a daily high at $19,408.

However, a crypto analytics firm, Santiment, has cautioned that “the situation could change rather rapidly.” According to data from the firm, general BTC sentiment is at its most negative level for the past two months.

The analytics firm further noted that panic selloffs were becoming more “prevalent, as exchanges inflow spikes showed traders moved their funds to exchanges to dispose of.” That said, Santiment has asserted that Bitcoin is now in overvalued territory once again.

Meanwhile, Altcoins had a worse decline than Bitcoin during the selloff. Nonetheless, most of them have recovered to pre-sell off levels, just like Bitcoin.

Consequently, the cryptocurrency market capitalization has surged by about $40 billion since its crash on Friday and is currently holding at $560 billion.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — December 13

In what can be regarded as an unexpected move, BTC has surged over the weekend and has broken two of our previous prevailing downward trendlines. We can observe on our hourly chart that BTC consolidated a bit before breaking several crucial resistance levels at $18,100, $18,500, and $18,800, indicating that bulls are in full control of the current price dynamics.

That said, we expect a slight decline to the $19,000 psychological line (ascending trendline) before we see a reattempt of the $19,500 pivot point.

Meanwhile, our key resistance levels are at $19,500, $19,800, and $20,000. While our key support levels are at $19,000, $18,800, and $18,500.

Total market capital: $562 billion

Bitcoin market capital: $355 billion

Bitcoin dominance: 63%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.