Bitcoin, Ethereum, Dogecoin Trade Flat To End The Week And These Analysts Are Calling A Bottom

The global cryptocurrency market cap rose 1.11% to $2.31 trillion as Bitcoin BTC/USD hovered around the psychologically important $50,000 mark, with a majority of major coins trading flat.

What Happened: The apex cryptocurrency, BTC, inched up 0.82% at $49,941.62 over 24 hours. For the week, it has risen 2.46%.

Ethereum ETH/USD rose marginally, by 0.8%, to $4,113.50 over 24 hours. The second-largest coin by market cap has remained flat in terms of weekly gains. It traded 0.08% lower in the last seven days.

Dogecoin DOGE/USD rose slightly, by 0.73%, to $0.17 over 24 hours. The meme cryptocurrency has increased in value by 1.92% for the week.

DOGE-rival Shiba Inu was up 6.04% to $0.00003647 over 24 hours. For the week, it has seen gains of 5.06%.

The top three coins, in terms of 24-hour gains, according to CoinMarketCap data, were Oasis Network, Kadena, and The Sandbox.

Oasis Network shot up 15.19% to $0.3077, Kadena increased 8.54% to $10.98, and The Sandbox was up 7.23% to $5.59. 

See Also: How To Buy Bitcoin (BTC)

Why It Matters: Concerns continue to persist regarding the Omicron variant of the COVID-19 virus.

The Prime Minister of the United Kingdom Boris Johnson warned of a “tidal wave of Omicron” on Sunday evening in a televised statement. He said, “ I'm afraid it is now clear that two doses of vaccine are simply not enough to give the level of protection we all need,” reported Reuters.

Even so, cryptocurrency analysts are calling out a Bitcoin bottom. On Sunday, Michaël van de Poppe, an Amsterdam-based trader, tweeted that he believes “we’ve bottomed out” based on “multiple indicators.”

I still believe we'll have some longer accumulation happening here on #Bitcoin, but I also believe we've bottomed out as multiple indicators show bottoming signals. pic.twitter.com/lxvqiFKR2Q

— Michaël van de Poppe (@CryptoMichNL) December 12, 2021

On-chain analyst Willy Woo pointed to a metric called PDL Oscillator, which tracks speculator demand on derivative exchanges, to call a bottom on BTC.

“My PDL Oscillator which looks at speculator demand on derivative exchanges has put in a bottom and finding strength, also forming a hidden bullish divergence. This suggests the bottom is in,” wrote Woo in an emailed note on Sunday.

Bitcoin PDL Oscillator — Courtesy Willy Woo's "The Bitcoin Forecast"

Pointing to the activity of long-term BTC holders, Woo said, “ Bear markets coincide when these holders have divested of their coins, despite the fear in the market, structurally we are not setup for a bear market.”

BTC Hodlers Buy/Sell Heatmap — Courtesy Willy Woo's "The Bitcoin Forecast"

Meanwhile, Colin Wu, a journalist, noted that due to the decline in the price of Ethereum and sluggish on-chain activity the daily revenue of ETH miners has fallen to a monthly low.

According to Glassnode, with the decline in the price of Ethereum and the sluggish activity on the chain, the daily revenue of ETH miners just reached a 1-month low of $2,863,998.95. https://t.co/D7KH0kmtm3

— Wu Blockchain (@WuBlockchain) December 12, 2021

Notably, Ethereum’s “Arrow Glacier” upgrade went live last week, which put off the “difficulty bomb” implementation to June 2022.

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