Bitcoin tested towards the lower end of its short-term trading range on the last trading day of December, as cryptocurrency traders looked to the BTC/USD pair’s yearly price close.
The number one cryptocurrency traded around the $7,200 level in early Tuesday trading, marking a loss of around 2% from the weekly price open.
At current trading levels, Bitcoin is set to close the year with a gain of 95%, and finish the month of December with a marginal loss of around 1.5%. XRP looked to close 2019 with a loss of around 45%, while Ethereum was on course to end 2019 with a small gain of around 1.5%.
Bitcoin is currently holding short-term support around the $7,100 level as the BTC/USD pair remains trapped between the $7,100 to $7,685 price range.
A bullish range breakout above the $7,685 level should see the BTC/USD pair testing towards the $8,000 level at a minimum, while a bearish breakout should see the BTC/USD pair testing towards the $6,800 level.
From a medium-term perspective, the BTC/USD pair’s 50-day moving average is a key technical barrier that bulls need to surpass. It’s currently located around the $7,500 level.
XRP has been struggling to move above the $0.20 level, placing the second-largest cryptocurrency under downside pressure over the short and medium-term.
A sustained rally above the $0.20 level should see XRP testing towards the technically important $0.23 level and would help form a bullish reversal pattern in the lower time frames.
It is noteworthy that XRP has strong technical support around the $0.18 level and now needs to stage a $0.10 recovery towards the $0.28 level to regain its technically bullish status.
According to the latest data from The TIE, overall market sentiment is neutral, at 46%. XRP had the weakest sentiment, at 47%, while Ethereum and Bitcoin showed levels at 53% and 51%, respectively.