After a six month downtrend, Bitcoin finally made a big gain last week. And it’s the biggest since October. It logged double-digit price gain last week, and to the relief of everyone, confirmed change in the ongoing downtrend.
According to latest Bitcoin news from CoinDesk’s Bitcoin Price Index, the top cryptocurrency by Market Cap earned a 11.2% in seven days to Jan 12th, making it the biggest gain since October.
It was during the December that the Cryptocurrency suffered single digit gains only. During the bleak six months to Dec. 31, the cryptocurrency was only able to achieve double-digit weekly gains just two times. On top of that, bitcoin suffered losses in 15 out of 27 weeks, with two weeks ending roughly flat.
The second half of 2019 was a bleak period for cryptocurrency. Prices fell from highs of above $13,000 to $6,425 during the period. It made a trend of lower highs and lower lows on the weekly charts. But the downward trend has now come to an end with last week’s 11% gain.
Last week’s pattern indicates that the pullback from $13,800 has ended. And the bull run from lows near $4,100 seen in the first week of April 2019 has resumed. It is a good news because the 11 percent rise has also confirmed the bearish-to-bullish trend change signaled by the hammer candle created in the third week of December.
There is an activation of twin bullish cues which is backed by a rise in buying volumes. It has been the highest since November. There has been a price breakout because of last week’s volume bar that disrupted the descending trendline. The rise to $10,350 (October high) is a happy news.