In the final weeks of the year, bitcoin started its fall, reaching a low of $12,500. The fall was as a result of negative headlines and infighting among the bitcoin community.
This year, bitcoin is still struggling compared to its peers as shown below.
Traders are increasingly getting concerned about bitcoin and its price and therefore turning to other cryptocurrencies like Dash, Ripple, Stellar, and Cardano that have seen double digits growth YTD.
This week, Peter Thiel revealed that he has invested in bitcoin. In addition, Bobby Lee who used to run a bitcoin exchange in China stated that he expected the country to lift its ban on exchanges. All this helped bitcoin gain some points.
As shown below, bitcoin has established a strong support at the $12,497 level and started its climb. However, it has struggled to break past its resistance at the $15,557 level. If there is no negative news today, expect the currency to see a short-term correction to about $14,288 before bouncing back above the current resistance.
