Finally, the expected was fulfilled, Bitcoin is waking up to the rise, and now those who accumulate coins can expect a greater rise in price on Christmas.
At the time of this writing, BTC is trading at $ 51,120.95, accumulating a gain of 4.47% in the last 24 hours and 9.18% in the last 7 days. Market capitalization is close to a trillion dollars again, but if things continue as they are, it looks like that mark could be strongly outperformed.
The current situation is quite simple, the price is reacting to an increasing buying pressure, while the currencies are increasingly scarce.
To demonstrate this, we see how stablecoins on exchanges are increasingly abundant, most of which are there to buy other cryptocurrencies, which generates greater demand.
Meanwhile, Bitcoin stocks on exchanges are on the decline, indicating that investors are putting their coins into cold wallets, with no intention of selling them in the short term.
The whales are accelerating their rate of coin accumulation again, just as they did during last year’s volatile bull rally. The analyst Moskovski does not assure that we will see an increase in volatility as in 2020, but the current scenario is definitely very similar to when that happened.
Technical Analysis: What Can We Expect From Bitcoin at Christmas?
In the daily chart we see how clearly the bulls managed to regain control in the short term, after the price escaped from the top of a descending wedge.
This wedge formation announced a few days ago the possibility of a change in trend. Now that they have been manufacturing higher and lower lows on this Bitcoin chart, it is quite feasible to expect bigger gains by Christmas.
Today the price is being hampered by resistance at $ 51,200. This level of supply is likely to trigger a correction in the short term. As long as it is not too volatile a correction, then we can expect a new higher low to be made soon, to usher in further momentum.
BTC must now maintain support at $ 48,588 so that the short-term bullish scenario is not in jeopardy.
After it breaks through the resistance at $ 51,200, then the ground will be clear to almost $ 59,000.
From this chart we also see a fairly bullish technical outlook. Bitcoin has kept falling back strongly since mid-November. Now with the rejection of low prices and strong buying pressure this week, it seems feasible that a new big momentum is starting.
Today the price is trying to break through the immediate resistance seen in this time frame, located at $ 50,000. If successful, which is most likely, then we can see purchases up to the area left by the previous all-time high. It is not unreasonable to even think of new records.
Bitcoin is making you expect profits on Christmas. Already with which it is giving, the holders are beginning to rejoice, and although it is likely that we will see some corrections amid the expected rise, the general scenario tells us that we can see the development of a major rally in 2022.
All our publications are informative, so in no case should they be followed as investment advice.
We would like to thank the writer of this short article for this amazing web content
What to expect from Bitcoin this Christmas?