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The cryptocurrency market could not hold its sideways trend as the top coins are located in the red. A few days ago, Tezos (XTZ) had the biggest gains. Today, the situation has completely reversed as XTZ has lost more than 10% in the last 24 hours.
The total market capitalization has gone below the $200 billion mark and now sits at $198.8 billion.
Below is the relevant data for Bitcoin (BTC) at press time:
Market Cap: $133,294,960,101
Volume (24H): $18,855,149,260
Change (24H): -1.93%
BTC/USD: Have the Bulls Already Capitulated?
After yesterday’s impulse spike, BTC’s price went back to retest its mirror support level and broke down. Looking at a possible global reversal, a trend change requires a long consolidation to gain a position, some bullish accumulation, for at least 2 months.
Therefore, movement between the $6,400-$7,800 range is favorable for the bulls. This will be a classic reversal zone ahead of the upcoming halving.
Looking at the 4H chart, the bullish accumulation zones are at $6,800 and $7,100. In terms of the nearest price prediction, BTC is likely to test these zones before one more upward trend.
Looking at the daily chart, BTC is still located within the descending channel. If the cryptocurrency cannot reach and fix at the $7,700 level, then the next bearish mark will be a move towards $6,000. If such a scenario comes true, then this level might be achieved during the first days of January 2020.
At press time, BTC is trading at $7,367.