Bitcoin Holds $50K Suggesting Bull Market Is Still Alive
On December 8, Bitcoin (BTC) held on to a $50,000 support level whilst some still believe that the 2021 bull market is not yet over.
A Silver Lining To The Weekly BTC Chart
Testing of BTC/USD failed to break the $50,000 barrier, according to Cointelegraph Markets Pro & TradingView data, despite Bitstamp achieving an all-time high of $51,990 on Tuesday. The pair surged at the start of trading on Wall Street including the presentation of Sunday’s good aspects to provide BTC with a short-term fall in its price.
However, according to dealer & analyst Rekt Capital, it was now time to seek the guidance of longer periods to gain a better picture of the well-being of the Bitcoin market.bUsing a weekly chart, Rekt Capital revealed a previously long-term resistance level that appeared to be flipping to assist.
With the highest lateral of a downwards wedging structure in place for most of 2021, he said, “This may very well be a victorious retest effort.” Buyer interest in a price range of $43,000 and below has increased, which bodes well for the bulls.
According to the video, Bitcoin is currently trapped between two important traces showing current support and the $60,000 region, and as a result, Fibonacci ranges should dictate its following movement.
Although the Bitcoin uptrend isn’t over yet, long-term price history reveals there’s no reason to reject it, trust in an end-of-year comeback is thin at best.
At the start of the Wall Street trade, the pair had advanced, adding to previous gains from Sunday and providing some short-term comfort to BTC. To obtain a better sense of the current state of Bitcoin’s market, trader & analyst Rekt Capital said it was time to look at larger time frames of data. Rekt Capital’s recent YouTube video shows what seems to be a long-term resistance level shifting to support on the weekly chart.
For most of 2021, the downward wedging structure’s top diagonal will be visible, and he believes this might be a successful retest effort. The positive outlook was further bolstered by a high level of demand from buyers in the $43,000 price range.
The outlook elsewhere was tepid, with projections for a poor finish to 2021 becoming more common. Bitcoin might ‘drive people crazy for months if it reaches $53K BTC. While everyone anticipated we’d moon it earlier in the day, fellow expert William Clemente tweeted that “everyone will probably assume we’ll dump again” if we sweep the lows. It’s still my belief that “we’re going to stabilize and establish a system of mixed-negative financing before finally moving higher.” “The few last weeks of the year will be critical for a number of correlations, including Bitcoin’s success in 2017 and its comparison to gold from the 1970s.
Doubts Surrounding The Year-End’s Moonshot
A dismal conclusion to 2021 is increasingly gaining precedence in the prediction elsewhere.
The last few days of the year are critical for a number of correlations, including Bitcoin’s success in 2017 and its comparison to gold from the 1970s.
