Bitcoin (BTC) continues its Monday healing that has seen BTC/USD restore the vital support over $50,000. Bitcoin price was constantly declined by the $52,000 resistance degree of December 07 as the big crypto acquired carrying the crypto market with it.
Bitcoin Price Is Still Favorable
A look at the BTC/USD 1-hour candle light graph below programs that Bitcoin was very turned down by the $52,000 psychological degree on Tuesday.
At the time of writing, Bitcoin rate appears to have retreated under this pressure towards the $50,000 level. BTC price teeters around $50,600 as the support from the bigger market aims at pressing the price of the biggest cryptocurrency by market capitalisation to retest the $53,600 resistance.
Hence, an everyday closure over the $51,600 level can boost the bulls wo may push the BTC rate to identify cross above the $52,000 psychological to mark December 03 close around $53,600. This would certainly stand for an about 6% upswing from the current price.
However, nerves are still intense amongst crypto traders paired with insurance claims that present gains might be temporary which the dip is yet to come.
Not surprising that the over 1% dip in Bitcoin price of the last 24 hr suggests that the bears are refrained from doing with pulling the cost lower.
If BTC/USD slips below the $50,000 degree, it could cause enormous sell orders that are likely to take the cost deeper. However, the huge crypto may find assistance at the 200-day Simple Relocating Typical (SMA) around $46,708.
The motion of the MACD listed below the no line in the negative area accentuates this downhearted overview.