Towards a red eve? The foray above $ 52,000 did not lead to a bullish rally for bitcoin (BTC). The bulls lose the $ 50,000, and even the $ 48,000, reinforcing the idea that the markets have probably entered a bearish phase. Should we really say goodbye to hopes of a final bullish rally to $ 100,000 in the coming weeks?
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Bitcoin below $ 50,000: failed confirmation of bullish recovery
Bitcoin drops to $ 47,339 on Bitfinex today, December 28, 2021. It is trading at $ 47,916 at the time of writing, and is currently registering a 6.49% daily loss.
For trader Rekt Capital, bitcoin suffers rejection after its failed attempt to break resistance at the 21-week exponential moving average. Bitcoin had to turn this resistance into support to get out of the consolidation zone it was also in in May, June, and July 2021. By exiting this zone, bitcoin would also have ended the bearish correction that began in November 2021. .
Bitcoin failed to find support around $ 49,000 – red area in the above graphic. Historically, testing of this medium has resulted in declines in the $ 44,000- $ 47,000 zone.
TechDev remains bullish: seller of hopium or serious hypothesis?
Although bitcoin lost the $ 50,000, dampening hopes of a bullish rally before the end of 2021, analyst TechDev remains bullish. He shared a graph pointing similarities between the current weekly RSI (14), and that of 2020 just before bitcoin started to rise sharply, going from $ 10,000 to $ 60,000 and above in 2021.
TechDev is best known for its chart analysts comparing current bitcoin price fluctuations and past BTC price movements, for defend the idea of a last bullish rally before the markets enter a long bearish phase.
His analyzes and his strongly bullish position are however criticized by a large part of his followers on Twitter, who accuse him of selling hope to expand his community, and of ignoring differences in the macro environment in his comparisons.
TechDev however recently shared a graph showing a similarity in fluctuations bitcoin price at each cycle, although market capitalizations, macroeconomic environments and supply dynamics were different.
This collapse in the price of bitcoin during this holiday period of the end of the year 2021, contrasts with the advice offered by this billionaire as a Christmas gift, which recommends avoiding fiat currencies and buying bitcoin.
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