Bitcoin Price and Ethereum Prediction; Breakout Patterns Will Drive Price Action
During the Asian session on December 19, Bitcoin is trading at $16,700, as investors appear to be waiting for a solid fundamental reason to drive price action. Similarly, Ethereum is trading in a choppy range of $1,150 to $1,200. A break out of this range will help us determine future market price movements.
Major cryptocurrencies were trading in the red early on December 19, despite the fact that the global crypto market cap grew 0.60 percent to $812.94 billion on the previous day. The entire cryptocurrency market volume for the last 24 hours is $21.44 billion, a decline of 23.51 percent.
The overall volume in DeFi was $1.17 billion, accounting for 5.46 percent of the total 24-hour volume in the crypto market. The overall volume of all stablecoins was $19.30 billion, accounting for 90.04 percent of the total 24-hour volume of the crypto market.
The biggest Bitcoin (BTC) holders, called "whales," have been selling more Bitcoin than ever in a single 30-day period. According to on-chain statistics gathered by Glassnode, these whales have dumped a total of 280,000 BTC during the past 30 days.
At present, whales are thought to control roughly 9 million BTC, which is a sizable proportion of the entire BTC supply.
Bitcoin's price can be affected by the selling of major holders, who wield considerable market power.
On-chain Glassnode data verify the concentration of sale pressure has been coming from BTC whales, as shown by the Trend Accumulation Score by Cohort indicator.
Bitcoin's current price is $16,727, and the 24-hour trading volume is $12 billion. The BTC/USD pair has gained nearly 0.15% in the last 24 hours, while CoinMarketCap currently ranks first with a live market cap of $321 billion.
The BTC/USD is expected to find
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