Bitcoin Price Analysis on December 9: Market Calm and New Ethereum Hardfork

In three of the last four days, bitcoin closed with green candles. However, this situation is false growth, since in these four days its price has increased by less than 10%. Besides, the volatility of bitcoin is at shallow levels - about 2.5%.

The chart broke through the Bollinger average, and the third day is fixed above it. Besides, the Bollinger channel itself is shrinking, indicating strong movement soon. Also, the chart ideally fits a healthy Fibonacci level, which is located at $7,411.

Although the Bitcoin picture is starting to change, overall expectations remain negative and indicate a fall. Taking $7,000 support means going to the $6,000 - $6,300 area. The cancellation of the script will be a break and a consolidation above $8,000.

Total market capitalization added $1 billion per day and reached $204 billion. But the trading volume and the dominance of Bitcoin remained unchanged, which amount to $50 billion and 66.7%, respectively.

Flat bitcoin allowed most altcoins to grow. So, over the last day, more than 70 cryptocurrencies from the Top-100 showed a positive trend. The leader among them was Energi, which grew by 22%.

But the leader of the fall was Mindol, which this time lost over 10%. However, this still allows the coin to be in the Top-30 cryptocurrencies by capitalization.

The most significant event yesterday was the Istanbul hard fork, which occurred on the Ethereum blockchain. All changes are associated mainly with an increase in network security and a hash algorithm. Recall that this is only the first part of a large-scale update, the completion of which is planned in early 2020 for a complete transition to the new consensus algorithm for Ethereum - Proof-of-Stake.