The price of the top value Cryptocurrency, Bitcoin has seen bearish trend and stability within reach of $3400 of recent. The lingering stay of the value of Bitcoin in the within the $3400 and below has raised despair in the possibility of another renewed bearish trend. However, the performance of the digital currency in the past 24 hours has given hope of the cryptocurrency market ending the year on a positive note, despite the bearish trend the market has experienced in 2019.
Bitcoin’s Price Recent Performance
The value of Bitcoin has seen a recent surge different from the usual event that has graced the crypto market of recent. The surge saw the price rise above the mark of $3400 to the value of $3,580 and $3,650.
The recent bullish move saw the top value Cryptocurrency trade about $3650 mark close to $3800. This makes the mark of $3650 a support zone for the digital currency.
From indication on Fibonacci price indicator, it shows that testing the support level of $3650 and trend the value has taken, the bullish trend is bound to increase to $4000 and $4200 soon.
Testing the support level and rising above the resistant level is indicative of the price of Bitcoin taking a surprise move as the year is coming to an end in 12 days.
Bitcoin Bearish Trend and Implication of Ending the Year on a Bullish Trend
The price of the top value Cryptocurrency reached its best apogee ever a year ago at almost the mark of $20,000. However, the value continues to descend afterward even as the year 2018 started. The bearish trend that dominated the whole year of 2018 took a renewed bear to the present mark and below after stabilization in the range of $6000 over three months in November.
The present rise that the value of Bitcoin is taking and it ending 2018 on a bright note could be the end of a bearish trend that has dominated the market in 2018. This could be a signal of a bullish move that will likely dominate the crypto market in 2019.
However, despite the massive shed of value that has taken place in the crypto market in 2018, enthusiasts alike are still hopeful of a reversal of fortune in 2019. Meanwhile, the market condition has made the crypto pessimists be coasting to victory, however, the turn of events will justify this.