Bitcoin (BTC) neared $50,000 on Dec. 22 as hopes started to seem that the price correction could possibly be over.
BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView
Get bullish as soon as $50,500 breaks — Analyst
Information from Cointelegraph Markets Professional and TradingView confirmed BTC/USD hit highs of $49,600 on Bitstamp — its highest since Dec. 13.
A cross-crypto increase from turmoil in the Turkish lira Monday lingered in spirit as Bitcoin and altcoins stayed larger, with consideration now specializing in the new yr and price levels above $50,000.
“The first breakthrough has happened on Bitcoin. But, we still need to break enough levels to state that we’re bullish,” Cointelegraph contributor Michaël van de Poppe declared overnight.
“Overall, a breakthrough at $50.5-51.5K and I’m convinced. Also, 2022 should become a great year overall.”
Nicely look what we now have right here girls and gents.
Our first inexperienced bar has appeared!
Now we want to be certain that this potential reversal does not verify. If the next bar doesn’t verify the reversal, then we must always proceed the breakout of the descending triangle ✅ https://t.co/MrbkrAqyXh pic.twitter.com/OliTqKrafx
— John Wick (@ZeroHedge_) December 21, 2021
With $50,000 constituting psychological resistance, others turned to on-chain metrics for additional proof of underlying power on Bitcoin.
Amongst them was fund supervisor Dan Tapiero, who famous bullish indicators on the shifting common convergence divergence (MACD) indicator in what has traditionally been a time to purchase.
“Rallies start when least expected/when tired bulls give up,” he summarized.
MACD entails the relationship between two exponential shifting averages on BTC/USD, and a rebound from a downtrend has preceded price run-ups.
BTC/USD 1-day candle chart (Bitstamp) with MACD. Supply: TradingView
The final time the purchase sign appeared was at the finish of September, proper earlier than Bitcoin rose to high new all-time highs simply over one month later.
Sentiment index virtually doubles
In additional encouraging indicators for buyers, altcoins started posting extra vital day by day good points by means of Wednesday.
Associated: Price evaluation 12/20: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE
Ether (ETH), the largest altcoin by market capitalization, maintained $4,000, whereas standout Terra (LUNA) was up 16% at the time of writing.
Ripple’s XRP token traded up 9%, with none of the high 10 cryptocurrencies by market cap in the pink.
“If I’d want to position myself well, I’d want to buy into crypto at this stage,” van de Poppe added.
“The sentiment is still not the best, while many altcoins are down a lot, some even 80% since their ATH. The adoption is even growing and price-wise, those coins are in heavy support zones.”
The Crypto Worry & Greed Index noticed a major uptick in a single day, leaping from 27 to 45 however nonetheless characterizing the market as being in “fear” mode.
Crypto Worry & Greed Index. Supply: Different.me