The market reminded us that the bull run had to wait when Bitcoin (BTC) fell nearly $ 4,000 on December 28th.
BTC analysts expect a price of 44,000 US dollars
Data from Cointelegraph Markets Pro and TradingView showed the BTC / USD pair on Bitstamp hit lows of $ 48,335 on Tuesday’s Wall Street opening.
The day before, the pair broke the $ 52,000 mark, a three-week high, before pressure from sellers halted the rise.
At the time of writing, Bitcoin was trading at around $ 49,000 when traders took the opportunity to recall the current range that the leading cryptocurrency is holding.
“People become optimistic when faced with resistance. It is something,” summarized Scott Melker.
“It fluctuates all the time. Nothing has changed.”
The surge to $ 52,000 failed to attack any of the price levels previously identified as tipping points, specifically not $ 53,000 – Bitcoin’s trillion-dollar market cap brand.
The popular trader Pentoshi, on the other hand identified $ 44,000 as a possible low in case the downtrend gets worse. Slightly longer runtimes offered a similar outlook based on recent behavior.
BTC 4 hours:
Pivot point around which the price revolves.
Bounce or back to the bottom of the canal? pic.twitter.com/BTJR5rN87I
to???? Nunya bizniz (@pladizow) December 28, 2021
Looking at the bigger picture, however, there were bearish deliberations on the horizon. William Clemente, principal analyst at Blockware, identified a possible repetition of the behavior immediately after the old all-time high of 2017, resulting in a full year of bear market.
“The end of the world is coming for BTC”, warned in the twitter comments.
Concern looms over wondrous stocks
Bitcoin thus contrasted with macroeconomics on Tuesday as the SP 500 hit its 69th all-time high of the year.
Almost a record in itself, the exuberance on the stock market caused excitement among experts about a possible gap between numbers and empirical reality.
Just to put things in perspective, the SP 500 might close on another ATH today, it would be the 69th ATH this year, the second-best ever, down from 77 ATHs in 1995, but the average SP 500 comp is in line 18% below his ATH. suggesting massive subsurface weakness. pic.twitter.com/3RsPFP1Ajs
to???? Holger zschaepitz (@schuldensuehner) December 27, 2021
Just to put things in perspective, the SP 500 could close at another all-time high today, it would be its 69th all-time high this year, the second in history just behind the 77 highs. 1995, but the SP 500 average is down 18% from its highs, indicating tremendous weakness below the surface.
As mentioned earlier, the US Federal Reserve will play a vital role in shaping the 2022 market when it comes to Bitcoin’s performance.
In the meantime, however, BTC / USD is facing a holiday season with low liquidity and therefore potentially high levels of volatility.