The price of Bitcoin has been consolidating around the psychologically significant threshold of 60000.00 over the last several days, as bearish pressure keeps increasing. Our analysis examines all of the reasons why bears would likely retain control in the near term, and the price would continue to depreciate.
Bitcoin's latest rally was mostly owing to heightened investors' optimism. The demand for the cryptocurrency was rising parallel to somewhat disappointing data accumulated over the last several months. Chiefly, persisting supply distortions globally and rising prices prompted heightened interest amongst traders and investors for more speculative assets.
But now, with the steadily recovering U.S. dollar driven by improving economic data, the demand for Bitcoin is partly offset. This trend is likely to be further bolstered over the festive period, which is when investors and portfolio holders typically tend to collect their yearly profits. The price of Bitcoin always seems to depreciate over the Christmas holidays, which supports the underlying bearish expectations.
Therefore, the current market conditions seem to be suitable for the implementation of contrarian trading strategies by bears looking to trade on the expectations for the development of a new sizable downtrend.
Profit & Loss
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