Support has resisted: Bitcoin rate has risen above $ 7,400

Yesterday, analysts and traders said that the rate of the first cryptocurrency would drop to $ 5,500, but on December 18, Bitcoin pushed off support for $ 6,400 and soared to $ 7,400.

Although many believe that it is too early to draw conclusions, there is a possibility of continued growth. One of these signs is a bullish candle on the chart, usually indicating a change in trend, and also confirming the presence of discrepancies between the RSI and MACD indicators.

 Trader Peter Brandt, who said yesterday that Bitcoin will drop to $ 5,500 by July 2020, now believes that the first cryptocurrency has protected an important level and will continue to grow. However, well-known economist and trader Alex Kruger expressed the view that the market is still in a declining phase.

"$BTC 6400 was the first key level below and got strongly defended. This is a bear market though. Contrary to what cheerleaders want people to believe, the halving is not supposed to make longs rich. I bet cheerleaders making predictions do not even know what econometrics means," 

he said.​

Recall that recently, an analyst at Currency.com, the cryptocurrency exchange, Mikhail Karhalev, said that after halving the award to miners, the Bitcoin rate could rise to $ 170,000.

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