Bitcoin price holds the $ 50,000 level as the weekly time frame confirms that the bull market remains intact

Bitcoin (BTC) price held the $ 50,000 level as support overnight on December 8th, amid the confidence that the bull market is not over in 2021.

BTC / USD (Bitstamp) 1-hour candlestick chart. Source: TradingView

The silver lining of the BTC week

Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair was tested but failed to break above $ 50,000 after hitting local highs of $ 51,990 on Bitstamp on Tuesday.

The pair had accelerated at the start of trading on Wall Street, adding to their gains since Sunday. to provide short term relief to BTC.

Bitcoin price holds the $ 50,000 level as the weekly time frame confirms that the bull market remains intact
Bitcoin price holds the $ 50,000 level as the weekly time frame confirms that the bull market remains intact

Nevertheless, Now is the time to review longer periods of time for a clearer picture of the health of the Bitcoin market. according to trader and analyst Rekt Capital.

In his latest YouTube video Rekt Capital looked at the weekly chart to uncover what appeared to be a long-term resistance line that turned into support.

“This could well be a successful retry,” he said. Highlighting the top diagonal of a descending wedge structure that stayed in place for much of 2021.

Substantial buyer interest in the $ 43,000 area contributed to the bullish outlook.

1 week candlestick chart with BTC / USD (Coinbase) comment. Source: Rekt Capital / YouTube

The video says that the Fibonacci level should play a role in the next step of Bitcoin, which is now caught between two key lines representing the current support and the $ 60,000 region.

There are few believers in the year-end movement

On the other hand, the prognosis was tame; the prospects for a gloomy end of 2021 now have priority.

“Today everyone thought we were going to reach the moon; if we sweep the lows, everyone will probably think we’re falling again “, tweeted Fellow analyst William Clemente, reiterating an earlier statement.

“I still think we will consolidate and work out a mixed negative fund regime before moving up any further.”

In the meantime, Several correlations depend on the final weeks of the year, including Bitcoin’s battle against gold in the 1970s and, of course, its own performance in 2017.

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