Bitcoin Takes Another Drop to $6,675 But Trouble Doesn’t Start Until This Level


  • A battle between bears and bulls – $5,500 looks likely
  • But nothing to be concerned about until we reach $4,923.20

Yesterday, the Bitcoin price dropped below $7,000. Last time we were below this level was on Nov. 27. Now, today, in yet another downward move, Bitcoin price went to $6,674 on Bitstamp. On Bybit, the price dropped to $6,666.

BTC losses over 6% in two days, Source: TradingView

At the time of writing, BTC/USD has been trading at $6,742, as per Coincodex while managing the daily trading volume of $384 million.

Following Bitcoin, altcoins went into a free fall, top cryptos lost 8 to 11% of their value.

Blood on the crypto streets from Dec. 15 to Dec. 17 Source: Coin360

As we reported, the biggest Ponzi scheme ever PlusToken has $150,000,000 worth of BTC yet to be cashed out that puts BTC in danger of breaking down.

Meanwhile, trader Hsaka notes that Bitcoin Bitfinex spoofer has been back in the market, stating,

“This is the longest I've seen these guys active for since their initial appearance. BTC tends to move after they eventually pull.”

Call for $5,000

Crypto Twitter has turned bearish with BTC price predictions going lower and lower.

Trader Josh Rager sees Bitcoin testing the $6,500 area again before registering a push-up. The world’s leading cryptocurrency he says is currently in a battle between bears and bulls. However, he isn’t as bearish as most people.

According to trader Jacob Canfield, BTC could go as low as $5,500 because it is 78.6% from the swing low to swing high. However, a few bounces in between aren’t out of the picture either.

However, Michael Goldstein of Noded Bitcoin Podcast says the current drop in price is nothing to be concerned about.

Goldstein drew a graph of the difference between the stock-to-flow model price and the actual price. According to this graph, pretty much anything between -0.5 and 0.5 isn’t of much consideration. The current model price is $8,117 and the S2F multiple at -0.152.

For the multiple to go as low as -0.5, the price needs to crash to $4,923.20.

“Exactly how I see these small fluctuations: all well within normal bands,” responded prominent analyst PlanB.

Meanwhile…

Open interest for Bakkt’s Bitcoin futures has reached a new all-time high. Also, the searches for “Bitcoin halving” on Google have already started surging. Entrepreneur Alistair Milne says the increases in searches have started “a lot earlier this cycle … should peak a lot higher too.”

Bitcoin (BTC) Live Price

1 BTC/USD =$50,894.5390 change ~ 0.76%

Coin Market Cap

$948.97 Billion

24 Hour Volume

$16.69 Billion

24 Hour VWAP

$50.56 K

24 Hour Change

$389.19

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide