This week has certainly been the turning point for Bitcoin as its prices started on high during the first day of trading; trade volume also increased dramatically breaking new records this year. On Wednesday, bitcoin was able to surpass the $12k barrier for the first time in a very long term, giving it the bearish tag once more.
Currently, bitcoin prices stand at about $11k, clearly a downslide when compared with what was witnessed earlier on Wednesday. Prices have been up and down especially in the Asian market but somehow maintaining $12k value throughout the day. However, the prices failed to portray a bullish outlook once more as they have stuck at $12k.
From the data presented for bitcoin, the midday price range was above $12k all throughout the week until Thursday. However, Thursday saw the lowest value of bitcoin, therefore bearish run was cut somewhere in the week.
Indecisions and other factors are wholly responsible for this wobbly behavior of the cryptocurrency. Since Tuesday, the crypto registered lower highs exceeding $12k while in the proceeding days it witnessed higher lows but still ranging in the twelve hundreds.
A result of all this strange behavior could be due to the surprise highs experienced within the past eight days. During this time, bitcoin went up by close to 35%, a 2019 record.
Bitcoin, jumped from about $9k to a high of $12325 on Tuesday. However, after this impressive performance, the crypto has been somehow sluggish and the prices seem too wobbly now.
If things do not go its way, the cryptocurrency could experience a downslide to settle at $11120 at the weekend. Bitcoin was on an upward trend until Wednesday where it revived its bullish behavior, which was the normal prior to the bearish behavior. Briefly, the cryptocurrency has been on a roller coaster ride during the week. The market bearish nature is now very unlikely and things will only be bullish as the weekend draws. Yesterday, the market witnessed a downslide , however as the day drew, bitcoin regained and went close to its previous opening value of the day, a phenomena by the name dragon fly doji. The market has also registered a drop in trading volumes associated with Bitcoin. Skeptics are still paying attention to Wednesdays Highs and Lows in a bid to predict a redemption in the near future.