HomeTradingBitcoin is up today as a Christmas gift

Bitcoin is up today as a Christmas gift

The week opens with a strong bullish momentum that is sustained by Bitcoin’s strong movement with the price bouncing back up and today dragging most of the sector into positive territory.

Source: COIN360.com

It’s Bitcoin that drives the rise by achieving the best climb of the first 20, touching +5%. It is a trend that makes the positive balance return in a weekly perspective, something that instead does not happen for other cryptocurrencies. Nevertheless, they are on the rise today, namely Ethereum that rises by 2% today and Ripple that earns 1%. 

Other big ones are also unable to climb the slope on a weekly basis. ETH and XRP from last Monday’s levels mark a 6% loss. 

From a general point of view, only Crypto.com Coin (CRO) outperforms Bitcoin among the big ones, occupying the 24th position and scoring one of the three biggest rises of the day with +9%. Bytecoin (BCN) does even better, the only double-digit among the top 100 with +13%.

Crypto.com is part of the DeFi sector and propels other tokens in the system such as Nexo (NEXO), DigixDao (DGX), Chainlink (LINK), all up by +5% on a daily basis. 

In these hours, the DeFi sector is updating the record with more than 2,937 ETH locked in the DeFi dApps with a value very close to the absolute historical highs of 684 million dollars. The absolute maximum is 687 million recorded on November 30th but with Ethereum prices well above the current ones by about 15%. This is a record that shows that the DeFi sector, despite the difficulties of recent weeks, is growing sharply. 

Noteworthy among the big players is the weakness of Stellar (XLM). After losing the 10th position in recent days conquered by Tezos, Stellar drops to 12th position with the decline of the last few hours to the benefit of TRON (TRX). Stellar loses 2%, TRON gains 2.5% overtaking Stellar in 11th position with a market cap differing by $50 million. 

These rises today and over the weekend take the market cap back up to $200 billion after seeing the lowest level since last May at $175 billion. 

The volumes are back with trades that after having been slightly below 50 billion dollars a day in recent days, in these hours, despite the semi-festive and weekend days, exceed 75 billion dollars, an increase of about 30%. 

The dominance of Bitcoin continues to rise and reaches 69%, a step from the record of the last two years touched last September when it slightly exceeded 70%. Today BTC is again one step away from the record of 70% recorded in March 2017. 

This at the expense of Ethereum and Ripple with ETH dropping to 7.2%, lowest levels since March 2017 while Ripple is close to 4.3%, levels not recorded since December 2017.

Bitcoin chart by Tradingview

Bitcoin (BTC) back up

The breaking of the dynamic trendline on Friday between $7,050 and $7,100 has been confirmed by the rise that in these hours brings BTC prices back to the levels of early December, at $7,600. This is not the December peak, which stands at $7,900, but for Bitcoin, it would be a strong and reversal signal in the medium term if prices were to rise above this static resistance value that twice in the last two months has rejected the bullish attacks. 

The third time could be decisive, though in order to overcome this level, volumes are required, which have returned after having hit peaks during the bearish phase of the week. 

If this was confirmed, Bitcoin would start to give signs of a possible mid-term reversal. With today’s rise Bitcoin recovers 18% of its value from last Wednesday’s lows at $6,500, the lowest prices since May. 

Ethereum chart by Tradingview

Ethereum (ETH)

After sinking last week with prices hitting $117, levels he hadn’t seen since early February, Ethereum tried to regain the technical and psychological threshold of $135.

A major signal would come in the next few days if prices went above $150. It would be a signal capable of giving important technical indications. A fall below 120 dollars would continue to give a signal of weakness, which has been present since the end of June and which to date sees ETH prices lose more than 65% of their value

XRP chart by Tradingview

Ripple (XRP) 

Ripple remains in a more evident bearish phase that last Wednesday marked the lowest minimums in the last two years. Ripple tries to bounce above 19 cents. XRP will need to resume 21 cents as soon as possible to start forming a reversal figure in the short to medium term.

Failure to recover the 21 cents would give no reversal signal. A sinking below 18 cents would continue to see Ripple in a context of clear weakness with the possibility of going to further update the annual lows. 

XRP has been among the worst of the bigs since the beginning of the year, along with Stellar, losing over 49% of its value. Stellar does even worse and loses 60%.


Federico Izzi
Federico Izzi
Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".