Bitcoin bounced to $50K after the weekend price consolidation with the gains coming after the flash crash at the start of December as we can see more today in our latest Bitcoin news.
Bitcoin bounced to $50K around noon on Sunday after the week of hovering in the high of $40,000. Since the start of October, Bitcoin was above $50,000 for most as a sign of the ongoing bull market but Bitcoin’s flash crash happened because the substantial leverage tradign surprised some and even $1.79 billion of BTC was liquidated in an hour, sending its value to $47,000 on Friday. Bitcoin analyst CryptoValerio saw a pattern in the crypto’s recent volatility and compared the BTC price structure to the one seen in 2020. his charts showed how Bitcoin’s price pattern made huge lows and high highs before a price upswing at the end of the year. The wrote:
“You’ll understand how emotions influence the majority of the investor’s decision making when trading. ‘Cause this leads to same patterns and market structures reoccurring over and over again.
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This allows us to compare them and take conclusions on how probable they are to reoccur.”
53K has been my line in the sand as well.
Flip that and we’re back in business. https://t.co/MZtpXNirWp
— Will (@WClemente) December 12, 2021
For most, Bitcoin bounced to $50K and it is considered bullish news but it doesn’t break some hesitances around another dip or a continued price stagnation. For the on-chain analyst Will Clemente and analyst Pentoshi, BTC will have to surpass $52,000 in order to allow for another increase.
Bitcoin’s consolidation continues as the asset is still unable to overcome the $50,000 price point and the rest of the alternative coins are untypically stable with Terra and Cardano being the only exceptions. Cardano increased 6% while LUNA also increased by a similar percentage. The main cryptocurrency showed enhanced volatility in the past few days as it tried to overcome $50,000 on a few occasions but every time it tried to move, it was met with a substantial retracement propelled by the bears’ movement.
A detailed emotion-based comparison between the post Covid-19 situation and the current one (Nov-21) for #BTC . This Analysis is done in the weekly timeframe for #Bitcoin!
Reading this thread may take a few minutes. But it’ll be well worth it! pic.twitter.com/hmrDEid5yM
— Valerio (@ValerioJob_) November 24, 2021
The last example came on Friday after the reprots that the US reached its highest inflation point in about 40 years. BTC on the other hand only touched $50,000 and dropped right away. As a result, BTC found itself trading below $47,000 for the third time in a week but it did bounce off rather nicely yesterday as it launched another leg up to $50,000 again a few hours ago. As of now, the crypto is unable to break and it is standing at just over $49,000 and the market capitalization is a little below $950 billion. and if you want to check the real-time price value of BTC, make sure to check out bitcoin price calculator.
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