Bitcoin (BTC) held $ 50,000 in support overnight until December 8 amid confidence that the 2021 bull market is far from over.
1 hour candlestick chart BTC / USD (bit stamp). Source: TradingView
Silver Lining for Bitcoin Weekly
Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD test failed to break above $ 50,000 after reaching the local highs of $ 51,990 on Bitstamp on Tuesday.
The pair accelerated in early trading on Wall Street, contributing to the current gains since Sunday to give Bitcoin some short-term relief.
But now, according to the trader and analyst at Rekt Capital, it is time to move on to the longer time frame to get a clearer picture of the state of the Bitcoin market.
In its latest YouTube video, Rekt Capital looked at the weekly chart to reveal what previously appeared to be long-term resistance that became supportive.
“This could be a successful retest attempt,” he said, highlighting the upper diameter of the sinking wedge design that will remain in place for most of 2021.
The buying interest in the region increased by almost $ 43,000 to the optimistic forecast.
Annotated weekly candlestick chart for BTC / USD (Coinbase). Source: Rekt Capital / YouTube
In addition, Fibonacci levels should appear in Bitcoin’s next move, the video claims, as Bitcoin is now placed between two main lines representing the current support and the $ 60,000 range.
Few believe that the sun goes down at the end of the year
Elsewhere, expectations were net, with talks now dominating for a disappointing end to 2021.
On this topic: Bitcoin can drive people crazy for months with a price cap of 53k BTC – Analyst
“Before today, everyone thought we were going to the moon, and if we reached the lowest levels, everyone would probably think we would get rid of it again,” said analyst William Clemente, confirming an earlier statement.
“However, imagine that we have to consolidate and create a hybrid passive financing system before we finally grow.”
Meanwhile, several correlations are based on the last weeks of the year, including bitcoin against gold in the 1970s and of course the performance in 2017.