{"id":1124,"date":"2021-12-08T09:16:13","date_gmt":"2021-12-08T09:16:13","guid":{"rendered":"http:\/\/egrowonline.com\/?p=1124"},"modified":"2021-12-08T09:16:13","modified_gmt":"2021-12-08T09:16:13","slug":"bitcoin-holds-50k-as-analyst-says-weekly-timeframes-confirm-bull-market-remains-intact","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=1124","title":{"rendered":"Bitcoin holds $50K as analyst says weekly timeframes confirm bull market remains intact"},"content":{"rendered":"


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Bitcoin (BTC<\/a>) retained $50,000 as support overnight into Dec. 8 amid confidence that the 2021 bull market was not yet over.\u00a0<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Silver lining for BTC weekly<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0showed BTC\/USD testing but failing to crack through $50,000 after reaching local highs<\/a> of $51,990 on Bitstamp Tuesday.<\/p>\n

The pair had accelerated at the start of trading on Wall Street, adding to existing gains from Sunday to give BTC \u00a0some short-term relief.<\/p>\n

Now, however, it was time to consult longer timeframes to get a clearer picture of Bitcoin market\u00a0health, according to trader and analyst Rekt Capital.<\/p>\n

In his latest YouTube video<\/a>, Rekt Capital eyed the weekly chart to reveal what appeared to be a previously long-term resistance level flipping to support.<\/p>\n

“This might very well be a successful retest attempt,” he said, highlighting the top diagonal of a downward wedging structure in place for much of 2021.<\/p>\n

Significant buyer interest in an area around $43,000 added to the bullish prospects.<\/p>\n

BTC\/USD 1-week annotated candle chart (Coinbase). Source: Rekt Capital\/ YouTube<\/em><\/figcaption><\/figure>\n

Continuing, Fibonacci levels should figure in Bitcoin’s next move, the video argued, with Bitcoin now caught between two key lines representing current support and the $60,000 region.<\/p>\n

Few believers in end-of-year moonshot<\/h2>\n

Elsewhere, the prognosis was tame, with calls for a lackluster end to 2021 now taking prevalence.\u00a0<\/p>\n

Related:\u00a0Bitcoin could ‘drive people nuts’ for months with $53K BTC price ceiling \u2014 analyst<\/a><\/em><\/strong><\/p>\n

“Earlier today everyone thought we were going to moon, if we sweep the lows everyone will probably think we\u2019re going to dump again,” fellow analyst William Clemente tweeted<\/a>, reinforcing a previous statement<\/a>. <\/p>\n

“Still just think we\u2019re going to consolidate and carve out a regime of mixed-negative funding before eventually going higher.”<\/p><\/blockquote>\n

Multiple correlations<\/a> meanwhile hinge on the last few weeks of the year, among them Bitcoin versus 1970s gold and, of course, its own 2017 performance.<\/p>\n