Restart the machine – Traders are sticking to their position: bitcoin (BTC) will soon return to the upside, despite the bear show of strength in recent days.
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Bitcoin at $ 40,000 according to the movements of the whales: inevitable low or simple scenario to consider?
Bitcoin posted an intraday low of $ 45,790 on Bitfinex yesterday, December 13, 2021. It holds above $ 46,000 today, December 14, 2021, and even manages to win back the $ 47,000. Bitcoin is trading at $ 48,286 at the time of writing, and is currently registering a daily gain of 2.56%.
Whalemap analysts had indicated in their tweet of December 11, 2021, that if major support at $ 47,000 is broken, the next one is at $ 40,000.
Trader Rekt Capital is less pessimistic than analysts at Whalemap. Bitcoin is fair according to him, ” still in consolidation Between two exponential moving averages located at $ 44,700 and $ 52,300. He invites the markets to “have patience” while circling in a chart a phase of consolidation over several months that began in May 2021, and which ultimately led to a bullish breakout.
Trader Michael van de Poppe also remains optimistic, recalling that “ #Bitcoin bottom hit on December 4th As bitcoin temporarily fell to $ 42,000. He points out that “the bull market is not over”.
Mid-December 2021 review: bullish reversal or bearish prolongation because of the FED?
Bitcoin had already closed November 2021 in the red. The bears continue to have control of the markets as it reaches the middle of December 2021. The markets register a loss of about 15% compared to levels at the start of December 2021.
The bulls are struggling to really reignite the bullish rally on a daily basis. The daily RSI (14) which currently stands at 36, however, shows that bitcoin tends to be oversold on this timescale. This technical indicator therefore seems to confirm the hopes of a bullish impulse in the coming days, unless the US Federal Reserve (FED) manages to dope the bears which would then play an extension that could effectively revisit bitcoin’s $ 40,000. – $ 42,000.
The reality of the markets beyond cautious or optimistic forecasts: bitcoin continues to trade below $ 50,000 as over 90% of its maximum supply has now been mined.
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