PrimeXBT has investigated the markets and found some relevant data about BTC/USD that we would like to share with you.
Fundamental Analysis:
Bitcoin is the most mentioned search term relating to innovative value transfer systems, data from social media for the topics of “payments” and “fintech” reveals. BTC received 957 mentions in December, as the digital asset wrapped up a stunning decade of price appreciation.
Fintech sector expects expansion and adaptation in 2020, as fund inflows to this space grew in the last few months of 2019. Mentions of fintech were related to AI, machine learning, blockchain, 5G, cybersecurity, and Chinese fintech ecosystems.
In 2020, investors expect regulations to become clearer and more transparent as the sector sheds most of its shady “fly-by-the-night” projects. Regulators constantly adapt to new inventions in the space, moving to either regulate or ban some activities. Regulations in the EU tend to focus on money-laundering and terrorist financing, while the US Securities and Exchange Commission is focused more on IEO token sales and on tokens breaking securities laws.
Technical Analysis:
Recently, Bitcoin's broke out of its mid-term downtrend line formed from the June peak near $13800. Beyond that, bulls may turn their eyes toward the psychologically-significant $10000 level. On a longer-term basis, the key level of its horizontal support to watch will be the $6450 level.
The current Bitcoin price action echoes the trend the market saw from May until the end of June when its price rose from around $8000 to $13800.
While there’s no denying that the price action and indicator signals are eerily similar, there are several unique factors that could suggest that this time is different. The crypto’s major support level is near the $7680, below which the price is likely to resume its downtrend with a downside target of around $6964.
Lower time frames indicate a double top structure, which normally suggests that the asset tried to break above a key resistance level twice in a short time frame and failed.
Whether the rejection of BTC at $8900 is merely a healthy pullback or if it'll be the point of reversal with a continuation of its major bearish trend still remains to be seen.
Watch closely for our future updates to be the first one to get well-timed trading signals!
PrimeXBT wishes the best of luck with your upcoming trades!
Fundamental Analysis:
Bitcoin is the most mentioned search term relating to innovative value transfer systems, data from social media for the topics of “payments” and “fintech” reveals. BTC received 957 mentions in December, as the digital asset wrapped up a stunning decade of price appreciation.
Fintech sector expects expansion and adaptation in 2020, as fund inflows to this space grew in the last few months of 2019. Mentions of fintech were related to AI, machine learning, blockchain, 5G, cybersecurity, and Chinese fintech ecosystems.
In 2020, investors expect regulations to become clearer and more transparent as the sector sheds most of its shady “fly-by-the-night” projects. Regulators constantly adapt to new inventions in the space, moving to either regulate or ban some activities. Regulations in the EU tend to focus on money-laundering and terrorist financing, while the US Securities and Exchange Commission is focused more on IEO token sales and on tokens breaking securities laws.
Technical Analysis:
Recently, Bitcoin's broke out of its mid-term downtrend line formed from the June peak near $13800. Beyond that, bulls may turn their eyes toward the psychologically-significant $10000 level. On a longer-term basis, the key level of its horizontal support to watch will be the $6450 level.
The current Bitcoin price action echoes the trend the market saw from May until the end of June when its price rose from around $8000 to $13800.
While there’s no denying that the price action and indicator signals are eerily similar, there are several unique factors that could suggest that this time is different. The crypto’s major support level is near the $7680, below which the price is likely to resume its downtrend with a downside target of around $6964.
Lower time frames indicate a double top structure, which normally suggests that the asset tried to break above a key resistance level twice in a short time frame and failed.
Whether the rejection of BTC at $8900 is merely a healthy pullback or if it'll be the point of reversal with a continuation of its major bearish trend still remains to be seen.
- Key Resistance Levels: $8805, 9090
- Key Support Level: $7680
- Support Levels: $7848, $7115, $6612
- Support Zones: $8240 - 7930, 7930 - 7710
- Market Cap: $157 238 615 882 USD
- Volume (24h): $32 149 749 104 USD
- Circulating Supply: 18 163 962 BTC
Watch closely for our future updates to be the first one to get well-timed trading signals!
PrimeXBT wishes the best of luck with your upcoming trades!
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