In Less Than 24 Hours, Bitcoin Ticks $17K But Then Loses Gains

The Crypto market is swinging on both sides. Within a day there were gains as well as value declines.

One such day was recently seen by the world’s first digital currency i.e. Bitcoin.

Bitcoin Analysis

Thursday, 8th December 2022 was relatively a bad day for the entire crypto economy as value declines were seen in almost every crypto coin.

Amongst them was Bitcoin which sent a wave of hope to Bitcoin investors as the coin ticked $17,000 on Wednesday. However, on Thursday Bitcoin market saw its value gradually decline from $17,061.48

At the time of this writing, Bitcoin’s spot market value is $16,750.56 and it is expected that further value reduction would take place.

On 8th December, the entire cryptocurrency of the world was trading in the red. Resultantly, Bitcoin couldn’t make any prominent gains but instead fell as low as it was a week ago.

Currently, Bitcoin has been put back below $16,700. This means that Bitcoin would now need to re-do the surge so as to go past its earlier crucial resistance point of $16,700 once more.

24 hours ago Bitcoin’s 14-day relative strength index (RSI) was trending upward and had already crossed 50.00. After losing value, the index is currently trending down and is resting at 45.50.

Further downward trending has the potential of putting below the 43.00 mark which means that the value could be around the $16,000 range.

On the other hand, bears would certainly try to accelerate the downward movement so that Bitcoin’s value may drop below $16,000.

Various Bitcoin Predictions

Recently, Mad Money host ‘Jim Cramer’ discusses his views about Bitcoin and the future of the crypto industry.

While sharing views, Cramer commented that the time for Bitcoin is over and soon the lead currency would hit the bottom. He then predicted that his analysis suggests that Bitcoin’s value dropping below $5,000 in the upcoming year.

Cramer then offered a word of advice to Bitcoin and other cryptocurrency investors. He asked them to act immediately and sell their digital currencies while they can as time is running by quickly.

So, on one hand, Bitcoin has to deal with crypto winter and on the other hand, it has to remain strong against negative sentiments. Otherwise, predictions could come true.

There are some bullish developments taking place in favor of Bitcoin that may help push its price in the future.

Several countries such as Uzbekistan, Kazakhstan, and Russia have either adopted crypto or are thinking about doing that.

This means that they will have a legal existence in the laws of the respective countries. If that happens, the public in these countries will be able to use them without any hesitation.

This would eventually increase the adoption level for Bitcoin and that may help push its price significantly.

Ethereum Analysis

Ethereum on Thursday was seen following the same pattern as Bitcoin did.

Ethereum/USD failed in preventing the value declines to occur back-to-back in the past two days.

On Wednesday, Ethereum also saw promising gains which helped the coin to be traded at a boosted value of $1,252.30. However, on Thursday, Ethereum took a U-turn and started trending downward.

As resultantly, per coin Ethereum’s value declined to $1,224.45 from $1,252.30.

Ethereum had spent quite a long time finally overcoming a crucial price ceiling of $1,230. Now it seems that Ethereum would once again be fighting against its earlier support level of $1,230.

Bearish Indication for Ethereum

Some people are suggesting that Ethereum bulls would likely reverse because its past 10-day RSI is still on the higher side.

Bears’ existence would certainly target the index so as to decline it to a level below 45.00. Presently though, Bitcoin’s RSI is in any case 5 points short of $46.72.

If it happens then it would mean that Ethereum is required to track its index above 45.00 otherwise further declines are expected.