Bitcoin price holds $ 50,000 level as analyst says weekly timeframes confirm bull market remains intact
There’s no reason to rule out Bitcoin’s bull run just yet, long-term price data shows, but faith in a year-end bounce is slim.
The price of Bitcoin (BTC) held the $ 50,000 level as support overnight on December 8, amid confidence that the 2021 bull market is not over yet.
The silver lining of BTC week
Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair tested but failed to break above $ 50,000 after hitting local highs of $ 51,990 on Bitstamp on Tuesday.
The pair had accelerated early in Wall Street trading, adding to existing gains from Sunday to give BTC some short-term relief.
However, now is the time to check out longer time frames to get a clearer picture of the health of the Bitcoin market, according to trader and analyst Rekt Capital.
In its latest YouTube video, Rekt Capital looked at the weekly chart to reveal what appeared to be a long-term resistance level that was turning into support.
“This could well be a successful retest attempt,” he said, highlighting the upper diagonal of a descending wedge structure that remained in place for much of 2021.
Significant buyer interest in an area around $ 43,000 added to the bullish outlook.
The video states that Fibonacci levels should figure in Bitcoin’s next move, which is now trapped between two key lines representing current support and the $ 60,000 region.
There are few believers in the end of the year movement
On the other hand, the prognosis was tame; the prospects for a dull end of 2021 now take precedence.
“Today everyone thought we were going to reach the moon; if we sweep the lows, probably everyone will think that we will fall again,” tweeted fellow analyst William Clemente, reinforcing a previous statement.
“I still think that we are going to consolidate and work out a mixed-negative fund regime before continuing to climb.”
Meanwhile, multiple correlations hinge on the final weeks of the year, including Bitcoin’s struggle against gold from the ’70s, and of course its own performance in 2017.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.