The first crypto coin, Bitcoin (BTC), during the last 24 hours increased by almost 7 percent and the value of the coin went over 7,600 USD. The BTC price during last week rose by 5.5 percent from the start and the closing price was 7,505 USD.

Even though during the week, the Bitcoin price reached its lowest point of the second part of the year. However, the coin ended the week in green. On the 23rd of December, the Bitcoin price hit 7,604 USD. At the start of last week, the value of the first crypto coin was 7,100 USD and it was not clear where the would go next. Despite this, towards the end of the week, Bitcoin showed a positive change closing the week strongly. At the same time, there was also a price gap of 200 USD with the CME global exchange platform.

The resistance line of 7,400 USD was broken and the next upper resistance level is 7,675 USD. On the other hand, as the value of Bitcoin breaks above 7,800 USD, the short bearish trend will end. Despite the fact that the current long term trend is bearish, there is potential for a bullish reversal.

On the crypto exchange platform, BitMEX, after some time of unclear funding rate, it finally went back to positive and began an upward move on the 18th of December. Yet, on a different platform, Onek, short positions have become more common than long ones and the ration currently is 0.93.

If the bullish trend continues, there will most likely be a strong resistance level at 8,000 USD and after that reaching 10,000 USD will not be a big issue for Bitcoin. Due to the volatility rate, Bitcoin can also have another price jump before a crash happens.

 

To find out more information on Bitcoin and BTC price, have a look at Bitcoin Price updates and Bitcoin (BTC) Price Predictions.