Finally the real departure? Will bitcoiners finally be entitled to a nice gift from the bulls under their Christmas tree? A Santa rally is not to be ruled out, now that bitcoin (BTC) has broken a significant resistance zone.
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The $ 51,000 fueled by the dollar: confirmation of the bullish recovery?
Bitcoin Rises Above $ 51,000 today, December 23, 2021, without being able to stay above. It is trading at $ 50,829 at the time of writing, and is currently registering a daily gain of 3.78%.
Trader Michael van de Poppe, who was waiting for the $ 50,500- $ 51,000 breakout to confirm a bullish rally, reacted to this foray above $ 51,000 by indicating that bitcoin bottomed out on December 4, 2021, when ‘he then briefly revisited the $ 42,000, and that 2022 will see a bull run.
Bitcoin has been picking up color for four days, while US Dollar (DXY) Expected to Record Fourth Consecutive Red Daily Candlestick today, reinforcing this hypothesis that the rise in bitcoin is fueled by the devaluation of the dollar. The S&P 500 has also experienced a sharp rise for 3 days.
Bitcoin bullish rally: the non-stop accumulation of investors
Although bitcoin appears to be in a downtrend for just over a month, data from Glassnode shows that the supply of bitcoin has shifted from liquid to illiquid. has continued to increase, reaching 100,000 units per month.
Illiquid bitcoins are those held in an address that has historically seen little movement. This continued increase in the supply of illiquid bitcoin shows an accumulation of investors, even in a downward period in the short term.
This accumulation could therefore theoretically soon lead to another long-awaited bullish rally, but who is long overdue for the moment.
Has Bitcoin already entered its last bullish rally before entering a relatively long bearish phase? The last week of the year 2021 could already give signs of confirmation or denial of a possible race towards the 6 figures in 2022.
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