Will we still get an end-of-year sprint with the cryptocurrency rates? In any case gives bitcoin (BTC) us an early Christmas present. The crypto market is therefore talking about a “Christmas” since bitcoin finally broke through the psychological barrier of $50,000 last night. That was accompanied by a rising positive correlation with the S&P 500 and positive coverage of the effects of the Omicron variant of the coronavirus. They may be less serious than feared. We therefore see the fear in the crypto market further diminishing:
Bitcoin Fear and Greed Index is 41 — Neutral
Current price: $50,795 pic.twitter.com/TF0SXjfslZ— Bitcoin Fear and Greed Index (@BitcoinFear) December 24, 2021
Bitcoin price breaks through $50,000
From bitcoin price initially struggled to hold above USD 49,000 last night and fell as low as $48,500 on Thursday morning. Bitcoin was still able to find support there and towards the end of the afternoon the price started to rise again. Bitcoin gradually broke through $49,000 again and when the price reached $49,400, the path was suddenly open and bitcoin made a big jump.
Bitcoin then broke through the psychological barrier of $50,000 in one go. The price then encountered some resistance around $50,750, but then shot right through and touched $51,500. After that, bitcoin corrected slightly lower, but bitcoin was still able to quickly find support, now around $50,750. Last night, bitcoin tested that USD 51,500 again, but was unable to break through it yet.
Still, bitcoin has already found support just above USD 51,000. It’s starting to get more and more bullish and bitcoin is about to test that $51,500 once again. This is the highest bitcoin has been in more than two weeks, but is still well below the level seen shortly before the crash. Bitcoin finally seems to be climbing out of its current range, but the price must first recapture $53,000 or perhaps even $54,000 to confirm that and speak of a trend reversal.
Many bullish BTC analysts
Many well-known crypto analysts all report that multiple indicators are all tipping to bullish, including the following:
#Bitcoin 3-Day RSI is continuing to bounce off the significant historical trendline that has been touched during all 3 of the biggest crashes over the last 5 years!!!!
✅December 2018
✅March 2020
✅May-July 2021If BTC continues to rally, this will be the 4th time it has held! pic.twitter.com/gvGNkwgesT
— Matthew Hyland (@Parabolic_Matt) December 23, 2021
My favorite signature indicator combo has just confirmed a bullish reversal!!! ????
3/Day Heikin-Ashi Candles paired up with PSAR
ITS GO TIME ????#Bitcoin pic.twitter.com/4qYizvJ1qF
– Kevin Svenson (@KevinSvenson_) December 23, 2021
#Bitcoin daily chart using MACD. When we cross bullish on the MACD price increase significantly! We just crossed a few days ago! We also had a TEXTBOOK retest of past resistance to the T and turning to support!Altcoins will follow creating the biggest altcoin season!???? $ BTC #BTC pic.twitter.com/EtfTnbamPQ
— JD (@jaydee_757) December 23, 2021
The increase is accompanied by miners who are still holding their BTC while more BTC is out cryptocurrency-exchanges as Binance flow. However, we also see that bitcoin whales are depositing their BTC on exchanges again, analysts from CryptoQuant report. That could create further selling pressure.
Today’s BTC QuickTake (2021/12/24)
???? Miners’ reserve hit a 6-months high, net accumulation trend continues. Around 3,700 BTC get withdrawn from exchanges.
???? Exchange Whale Ratio hit a year-high, indicating relatively whales are depositing BTC to exchanges.
— CryptoQuant.com (@cryptoquant_com) December 24, 2021
According to Samson Mow of Blockstream, we may see a repeat of last year’s pattern with the bitcoin price, but even faster. Expectations are starting to rise quickly.
It took 22 days for #Bitcoin to double from $20k to $40k. $50k to $100k will probably be faster.
— Samson Mow (@Excellion) December 24, 2021
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