Bitcoin (BTC) struggled to break the resistance of $ 51,600 during December 7 when BTC / USD increased in line with stock earnings.
1 hour candlestick chart BTC / USD (bit stamp). Source: TradingView
Bitcoin: “The trend continues”
Data from Cointelegraph Markets Pro and TradingView showed that the largest cryptocurrency reached $ 51,600 on December 7th.
At the time of writing, the latest accusation has continued as Wall Street’s opening increased momentum to $ 52,000. Bitcoin is up almost 6% overnight.
“Bitcoin deviates at the level of 51.6 thousand dollars. This is an important level, as well as 53.5-55.5 thousand dollars,” – commented former Cointelegraph member Michael van de Poppe.
“The trend is still growing after the recent crash, where $ 49.6K is the area I want to hold if we want to test $ 53.5-55.5K again.”
The nerves in the cryptocurrency markets were still to be felt, while the widespread belief that current earnings could be a “dead cat jump” and a return to lower levels is expected.
However, the price increase of 5% seems to work wonders for sentiment when it comes to numbers: Crypto Fear & Greed jumped nine points to 25/100 – on the verge of getting out of “extreme fear”.
The Fear and Greed Index of Cryptography. Source: Alternative.me
“5% do miracles,” added TechDev Trader and Analyst.
ETF volumes show that institutions still want BTC
As Cointelegraph reported, the desire to buy bitcoin has persisted in recent days.
About the topic: This Bitcoin price calculation has been “oversold” for only the seventh time in 8 years.
In addition to the prominent whale bill, institutional interest is also high, as evidenced by the volumes of exchange-traded funds (ETFs).
“Yesterday, the Purpose Bitcoin ETF received the largest influx since its inception,” summed up Lex Moskovsky, CIO of Moskovski Capital, looking at the data.
Commented Bitcoin ETF flow chart. Source: Lex Moskovsky / Twitter
Elsewhere, open interest in bitcoin futures also rose on December 7, and was hit hard when BTC / USD fell below $ 42,000.