The failure of Bitcoin to obtain traction influenced crypto markets’ depreciation for another day. It seems volatility is coming back as a huge surge triggered much liquidation a few hours back. Nevertheless, the general overview remains bearish.

Despite the continuous slow grind down in the week, certain specious action on BitMEX experienced a huge stop run as the price of BTC surged over $7,400. Datamesh maintained that there was liquidation worth more than 8 million USD in shorts on BitMEX.

Not quite long after the move, there were many sell orders that pulled the price to under $7,100 within one hour.

The price of Bitcoin has remained around $7,150 since then, keeping the downtrend intact as it approaches the $7,000 support area.

Generally, Traders and analysts agree that the next direction of BTC is downward. According to Josh Rager, the price will end up below $7,000.

$BTC looks like scenario two up to play



Slightly higher on some exchanges but not a retest of the high, before pushing back down to $7k and below https://t.co/rP2YhaBT8d — Josh Rager 📈 (@Josh_Rager) December 12, 2019

Any upsurge that will maintain the price over Bitcoin’s consolidation channel above $7,000 must be huge.

‘Hsaka’ seems different as a retracement to $7,400 is the focus.

$BTC



Would not be surprised to see something like this play out.



Darth mauls at support are usually followed by sideways action instead of immediate trend continuation.



(PSA: Bars are not to scale and purely for visualization purposes) pic.twitter.com/EN1UVl0rxX — Hsaka (@HsakaTrades) December 12, 2019

Despite the little recovery, sellers remain in charge of Bitcoin markets.

The whole cryptocurrency market has been infiltrated by the bearish sentiment, like in previous moments with total market cap declining to 195 billion USD. The market cap is the lowest attained for more than a week.

The prices of Altcoins are declining in the day with ETH, BNB, XLM and LINK being the biggest losers at press time. The cryptos exempted from the downtrend are Cosmos and a newcomer called MINDOL.