The broad cryptocurrency ecosystem was under threat on December 6. After the December 3 market sales, waves of anxiety erupted in the sector, and the price of Bitcoin remained below $50,000. The latest data show that bulls can keep the price of BTC above $49,000. However, from a general perspective, additional days of consolidation are expected.
Information on Bitcoin Weekly Price Action is published by Rekt Capital, highlighting critical support and resistance zones that traders must control. BTC Weekly closed above the small red zone from which BTC had previously climbed. BTC may lose territory, though the crash has not been confirmed. Below this zone is the strong demand zone, the Orange region, which completed two -25% adjustments in February and September.
In the coming days, traders trying to get a quick price action will better avoid and wait for the market to pull back from this latest retreat. According to the analyst who published the chart, the short-term recovery of BTC should be at $52000. While the experts see a whole recovery, in the long period, Pentoshi has notified that the market could be in a riot in the short term. Traders can find a better entry point if they are patient. Bitcoin is now one of the main payment methods on the Internet. High rollers can deposit at https://casinoportugal.online/ casinos using Bitcoin, which is highly valued in the market for a minimal commission.
Pentosh says he thinks BTC’s short-term trade returns of up to $52,000. He urges traders to buy Bitcoin for as low as $40,000.
Scott Melker, the market analyst, mentioned a price equalize that traders should intently monitor. Melker has set the range from $42,000 to $53,000. A break above this zone will be a positive sign for the bulls. Scott said that prices below $42,000 indicate that bears have an advantage over the BTC price shortly.
Bitcoin Future
The total market capitalization of cryptocurrency is currently $2.285 trillion. Bitcoin dominance rate is 40.6%. It is noteworthy that interest and demand for Bitcoin in 2021 have grown significantly despite the turbulence of digital assets. Based on Grayscale Investments LLC, more than half of the stream investors appeared last year.
The results feature the explosive increase of cryptocurrencies in 2021 as investors turn their money to the buoyant asset class. Bitcoin will grow by about 70% in 2021 after its last sale. At the same time, the value of Ether and other tokens increased fivefold. Experts predict further growth for traders and investors next year.
COMMENTS