- The crypto has been fighting to break over the 50k mark.
- The 200-day EMA is also present at this identical level.
Since December 4th, Bitcoin (BTC/USDT) has spent a whole week trading sideways in a channel between $47k and $51.5k. The biggest cryptocurrency by market capitalization is trading slightly over $49k.
The crypto has been fighting to break over the 50k mark, now its closest resistance level. Still, we anticipate it to trade sideways for the next several days at least, as the long-term 200-day Moving Average at about $46.8k provides some good support. Traders and crypto influencers will utilize this MA to identify whether an asset is in a Bear Market or a Bull Market.
$50K Critical Level
The 200-day EMA is also present at this identical level, making a possible break to the upside for BTC much more difficult. We should avoid joining any market when price activity is in a similar condition — with a possibly durable ceiling directly above.
Various crypto analysts have different views on the future of bitcoin and its present move. One such view has been tweeted in the form of a podcast clip.
"Bitcoin Is an Evolutionary Step Change for Our Species; It Transforms Greed Into Altruism"
— Bitcoin Podcast Clips (@CryptoPodClips) December 12, 2021
– Max Keiser (@maxkeiser), Stacy Herbert (@stacyherbert)
w/ John Pompliano (@johnpompliano), Joe Pompliano (@joepompliano), Anthony Pompliano (@apompliano)https://t.co/NM8nBjKhUp
A sinister-looking red candle with a short body and lengthy wick to the upside was angrily denied last Friday at nearly exactly the 50k threshold. For the first time since May, Bitcoin has seen a Death Cross on the 12-hour chart.
When a stock’s short-term Moving Average crosses below its long-term Moving Average, it’s known as a Death Cross. According to CoinMarketCap, the Bitcoin price today is $49,799.45 USD with a 24-hour trading volume of $21,532,846,703 USD. Bitcoin is up 2.56% in the last 24 hours.
