A “Christmas Radilly” for bitcoin (BTC) so eventually it didn’t happen. The market hoped for a so-called short squeeze, but instead it remains remarkably quiet on the cryptocurrency market. Bitcoin still trades in the same range. However, there is a chance that we may still see a rally soon, so the market is currently talking about the “calm before the storm.”
However, the recent fear and uncertainty that has arisen in the crypto market is not completely over. In addition, we see the whales maybe a “sell wall” building around $50,000 and there is still a lot of reluctance among investors. They may be waiting for confirmation of a breakout where bitcoin grabs at least $53,000 to get back in. Other investors fear that we may still see a dip before the price actually rises bull-run begins.
No Bitcoin Christmas rally, but analysts remain bullish
From bitcoin price It lost traction at $51,000 in the evening on Christmas Day and fell back below $50,000 in the morning on Boxing Day. Bitcoin then seemed to regain the psychological barrier of $50,000, but at the beginning of the afternoon the price dipped even lower and then briefly reached $49,750.
Then started bitcoin yet to recover. Bitcoin grabbed $50,000 and towards the end of the afternoon, the price made another jump and then held around $50,500. Towards the end of the evening, bitcoin briefly fell towards $50,000, but the price then makes a huge bounce. Bitcoin shot up to $51,175 and peaked to $51,375 moments later; that was a 2.5% increase in one hour.
BTC then recovered to the Christmas price level of $51,000 and held overnight. However, bitcoin lost traction again this morning at this $51,000 and dipped briefly towards $50,500, but there seems to be enough support there at the moment.
While there is still some uncertainty, most analysts remain bullish over the medium term. The analysts are currently mainly holding the 50 days and 50 weeks moving averages so the range is between $48,000 and $54,000. The bulls also speak of a possible formation of a “bump ‘n run reversal” (BARR) pattern. Can we see the start of another rally before the end of the year?
What will make it a happy new year is trading above the 50 DMA which gives god mode combo of green pred & +ve 50 dma, is that too much to ask? pic.twitter.com/4AweN4sR3Z
– filbfilb (@filbfilb) December 26, 2021
#BTC Daily Chart.
“Nobody can predict #BTC short-term price action.”
– Above 21 (D)EMA + 50 (W)MA (Bullish)
– BUT still below 21 (W) EMA (Bearish)
– Leverage Ratio is high (Generally Bearish)
IMO, gentle corrections which will bring #BTC down below 50W MA(48K+) looks possible. pic.twitter.com/8cO8K9aML9– Minkyu Woo (Min) 우민규 ⚡️???????? ???????? (@minkyutekken) December 27, 2021
#BTC closed back above the 50W SMA as I’d hoped.
Held 1.472 so far just as 2013 and 2017 did after their rejections near 1.618 following first major peak.
Now to reclaim the 20W over 53K. https://t.co/kL1qzJ2qzk pic.twitter.com/FOEE2IlnPa
— TechDev (@TechDev_52) December 27, 2021
#Bitcoin retested the breakout of the Bump and Run Reversal Bottom
The appropriate breakout target for this chart pattern is the highest high in the pattern
The highest high falls at All Time Highs: $69,000 ???? pic.twitter.com/dRZgRwXoxv
— Matthew Hyland (@Parabolic_Matt) December 27, 2021
Small fish setting the floor for the next run-up. ????????
Whales not so much, according to the stats below. No wonder that #Bitcoin price is ranging and not significantly pushing up. Will they come back in the new year? I would say this is not unlikely. ???? $ BTC https://t.co/1s4USG45UX
– Jan Wüstenfeld (@JanWues) December 26, 2021
–
