HomeCryptoBitcoin holds $50K as analyst says weekly timeframes confirm bull market remains...

Bitcoin holds $50K as analyst says weekly timeframes confirm bull market remains intact

Bitcoin (BTC) retained $50,000 as help in a single day into Dec. 8 amid confidence that the 2021 bull market was not but over. 

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Silver lining for BTC weekly

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD testing however failing to crack via $50,000 after reaching native highs of $51,990 on Bitstamp Tuesday.

The pair had accelerated initially of buying and selling on Wall Street, including to current positive aspects from Sunday to provide BTC  some short-term aid.

Now, nevertheless, it was time to seek the advice of longer timeframes to get a clearer image of Bitcoin market well being, in keeping with dealer and analyst Rekt Capital.

In his newest YouTube video, Rekt Capital eyed the weekly chart to disclose what gave the impression to be a beforehand long-term resistance degree flipping to help.

“This might very well be a successful retest attempt,” he stated, highlighting the highest diagonal of a downward wedging construction in place for a lot of 2021.

Significant purchaser curiosity in an space round $43,000 added to the bullish prospects.

BTC/USD 1-week annotated candle chart (Coinbase). Source: Rekt Capital/ YouTube

Continuing, Fibonacci ranges ought to determine in Bitcoin’s subsequent transfer, the video argued, with Bitcoin now caught between two key strains representing present help and the $60,000 area.

Few believers in end-of-year moonshot

Elsewhere, the prognosis was tame, with requires a lackluster finish to 2021 now taking prevalence. 

Related: Bitcoin may ‘drive individuals nuts’ for months with $53K BTC value ceiling — analyst

“Earlier today everyone thought we were going to moon, if we sweep the lows everyone will probably think we’re going to dump again,” fellow analyst William Clemente tweeted, reinforcing a earlier assertion.

“Still just think we’re going to consolidate and carve out a regime of mixed-negative funding before eventually going higher.”

Multiple correlations in the meantime hinge on the previous couple of weeks of the 12 months, amongst them Bitcoin versus Nineteen Seventies gold and, after all, its personal 2017 efficiency.