Whether the price of bitcoin will go up to 14,000 US dollars or 16,000 US dollars will be decided on the basis of the breakout of the Bull Flag. It is supposed that the price of bitcoin has reduced a little after the 2020 high of reaching 15,960 dollars on the 6th of November.
The price compressing in the one hour and four hours time span have shown that the price compression, through the entirety of the trading day through support is about 15,500 US dollars level. 15,750 US dollars is the amount that bitcoin has to push through if they wish to get to the point of 16,000 US dollars. The next best call that bitcoin is having right now is pushing till the limit of 15,166 US dollars. However, bitcoin is looking to push over with a high volume of VPVR nodes lurking to an amount of 15,600 US dollars from 15,500 US dollars.
Tussle Between Bulls And Bears Decide What Happens To Bitcoin Price
A tug of war is happening between the Bulls and the Bears that will define the price fluctuation of bitcoin. With a little support, in the span of 4 hours, Bitcoin might take a hit of about 16,000 US dollars worth rise in level. On the other hand, the RSI subsequently is also on the rise. It has risen up to the level of 70 US dollars. However, the price has been tapered off by a little because of the increasing price of bitcoin to the level of 15,900 US dollars. Otherwise, a drop in the flag support has also caused various problems for the RSI. For bitcoin, there was a huge surge in the prices from 4th to 5th November as more and more supporters waded in. There was a jump as huge as 13,900 US dollars to 15,500 US dollars almost overnight. Even if there was a subsequent drop of 400 US dollars from 15,500 US dollars it was seen that most investors did not mind the drop.
Bitcoin and Altcoin
As per the source of CoinDesk, it has been informed that as bitcoin value fluctuates, altcoins are also experiencing reached tiny success. Ether, commonly known as ETH, reached a little success recently. The price of ETH was 447 US dollars and rose up to 450 US dollars. Another notable altcoin also started its growth and has increased by 30 percent. It, now, stands at a price of 11,100 US dollars. UNI swap’s tokens called UNI also rose by 15.5 percent to an amount of 2.53 US dollars.
Currently, the cryptocurrency company stands at a market price of 444.6 billion US dollars. Even though the digital money market has been increasing, no digital coin is having an increase as bitcoin, as reported by the CoinMarketCap, a digital currency news channel.