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Bitcoin Price: A Decline After Another All-Time High

December 13, 2017


Mark Dukas, Bitcoin and Blockchain Consultant and cryptocurrency trader at BitcoinSmartMoney.com


“One week in Bitcoin can feel like one year in almost any other trading market as trading goes on 24/7 news and money never sleep. Bitcoin opened up seven days ago at $11,589 and as of December 13th is sitting at $16,964. Futures trading on the CBOE started at 6 PM EST on 12/10/17 causing trading to be halted two times in its first day.

Bitcoin dominance is now sitting at almost 63%. Sideline money and bearish altcoins continue to flow money into this market. Bitcoin the most well-known currency has the largest network effect (a phenomenon whereby a product or service gains additional value as more people use it). The market cap is approaching $280 billion. The chart looks great with volume on the move up last week with resistance now at $19,697 (Coinbase exchange).  First level of support sits at $13,798 and the next level below would see prices in the $11,532 range Calling a top would be foolish. Until the trend and market sentiment change, I expect the price to continue marching upward.”

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