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

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Bitcoin (BTC) retained $50,000 as assist 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). Supply: TradingView

Silver lining for BTC weekly

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

The pair had accelerated firstly of buying and selling on Wall Road, including to present positive aspects from Sunday to offer BTC some short-term reduction.

Now, nevertheless, it was time to seek the advice of longer timeframes to get a clearer image of Bitcoin market well being, in response to 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 stage flipping to assist.

“This would possibly very properly be a profitable retest try,” he stated, highlighting the highest diagonal of a downward wedging construction in place for a lot of 2021.

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

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

Furthermore, Fibonacci ranges ought to determine in Bitcoin’s subsequent transfer, the video argued, with Bitcoin now caught between two key strains representing present assist 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. 

Associated: Bitcoin could ‘drive people nuts’ for months with $53K BTC price ceiling — Analyst

“Earlier at present everybody thought we have been going to moon, if we sweep the lows everybody will in all probability assume we’re going to dump once more,” fellow analyst William Clemente tweeted, reinforcing a previous statement.

“Nonetheless simply assume we’re going to consolidate and carve out a regime of mixed-negative funding earlier than finally going larger.”

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