December Nightmare: Bitcoin Price Plunges Below $7,000

After trading in a tight range between $7,300 and $7,150 for several days, Bitcoin might be on the move again, heading south this time. The price of the largest cryptocurrency dropped to $6,994 on the largest margin trading exchange, BitMEX. Bitcoin managed to recover slightly and is currently trading at around $7,050.

Cryptopotato reported today that BTC could be facing a potentially huge move shortly, according to the Bollinger Bands. Dropping below $7,000 could bring the question if there’s a more significant move around the corner, waiting to occur. For reference, last time the Bands were so close, Bitcoin noted its most impressive yearly surge with 42% in a day.

The most significant support of around $7,000 appears to be holding at the moment but if broken, the next one is at $6,800, and then $6,500. $7,300, and $7,400 are the most crucial resistance levels if BTC is set to reverse upwards.

This most recent decrease might not be coming as a surprise to some members of the community. As a popular analyst explained recently, Bitcoin might go even further down by retesting $4,400, before it could turn bullish again.

BTCUSD. BitMEX30. Source: TradingView

The descend of the largest crypto means that the altcoins could regain some territory back by reducing Bitcoin’s dominance to 66.4%. Despite that, red is still the predominant color among most cryptocurrencies. Ethereum’s down with 1.5%, currently trading at $142, and Ripple has fallen to $0.217. BNB and Tezos lead the negative way among the top 10 coins, with -3.5% and -6%, respectively.

Total Market Capitalization: $193 Billion | Bitcoin Market Capitalization: $128.7 Billion | Bitcoin Dominance 66.4%

Major Crypto Headlines

66% Of Bitcoin’s Total Hashrate Is Controlled By China: Reuters Reports. According to a recent report, 66% of the entire hashrate of Bitcoin’s network pertains to miners in the Asian country. This is the highest point in the last two years that a single entity controls such a high percentage, in this case, a country.

Starting Today: Kraken Joins Binance And Coinbase To Allow Tezos (XTZ) Staking. As of December 13th, Kraken joined the growing list of exchanges that supports Tezos staking. The popular U.S.-based exchange will provide a fixed rate of 6%.

The China Ban: Justin Sun’s Weibo Account Got Shut Down. The popular Chinese social platform, Weibo, had reportedly closed the account of Tron’s founder and CEO. As Justin Sun is among the most influential people in the crypto industry, the closure is regarded as another attack from China.

Significant Daily Gainers and Losers

MINDOL (15.95%)

MIN is the most notable gainer in the top 50 currencies by market cap. It surges with 16% against the USD and is currently trading at $3.60. With Bitcoin’s decrease, MIN/BTC has risen to 50500 SAT, representing an increase of almost 20%. MINDOL recently published an updated on its network, which could be the reason behind the recent price movements.

BitTorrent (12%)

Justin Sun’s less popular cryptocurrency, BitTorrent, is the second most impressive gainer today. BTT’s value has increased to $0.000326, representing a 12% surge. It reaches 5 SAT against Bitcoin, which is almost 15% up. The market cap has risen to $69 million and is putting BitTorrent at 63rd place. Just a few days ago, the company announced the 11th BTT airdrop.

Matic Network (-13.2%)

The nightmare for Matic Network doesn’t appear to be stopping. After last week’s violent crash, MATIC keeps losing its value. Just several days ago, it was trading at over $0.0427 against the dollar, and now it’s dropped to $0.014 – a decrease of 67%. Things don’t look much brighter against Bitcoin, as MATIC/BTC trades now at less than 200 SAT – 11% decline since yesterday.