Bitcoin (BTC) approached $ 50,000 on December 22 as hopes began to emerge that the price correction could end.
Be Bullish Once $ 50,500 Breaks Out - Analyst
Data of Cointelegraph Markets Pro Y TradingView showed that BTC / USD reached highs of $ 49,600 on Bitstamp, its highest level since December 13.
TO cross crypto rise The turmoil in the Turkish lira on Monday remained in spirit as Bitcoin and altcoins held higher, with attention now focused on the new year and price levels above $ 50,000.
โThe first breakthrough has occurred in Bitcoin. But, we have yet to break enough levels to affirm that we are optimistic, "said Cointelegraph contributor Michaรซl van de Poppe. declared overnight.
โOverall a big advance at $ 50.5-51.5K and I'm convinced. Also, 2022 should turn out to be a great year overall. "
Well, look what we have here, ladies and gentlemen.
Our first green bar has appeared!
Now we must ensure that this possible reversal is not confirmed. If the next bar does not confirm the reversal, then we should continue with the breakout of the descending triangle โ https://t.co/MrbkrAqyXh pic.twitter.com/OliTqKrafx
- John Wick (@ZeroHedge_) December 21, 2021
With $ 50,000 constituting psychological resistance, others turned to on-chain metrics for further evidence of Bitcoin's underlying strength.
Among them was fund manager Dan Tapiero, who noticed bullish signals on the Moving Average Convergence Divergence Indicator (MACD) in what has historically been a time to buy.
"Rallies start when least expected / when tired bulls give up", summarized.
MACD implies the relationship between two exponential moving averages in BTC / USD, and a rebound from a downtrend has preceded price rises.
The last time the buy signal appeared was in late September, just before Bitcoin hit new all-time highs just over a month later.
Sentiment index almost doubles
In more encouraging signs for investors, altcoins began posting more significant daily gains through Wednesday.
Related: Price Analysis 12/20: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE
Ether (ETH), the largest altcoin by market cap, held $ 4,000, while the prominent Terra (LUNA) was up 16% at the time of writing.
Undulation XRP token was up 9%, with none of the top 10 cryptocurrencies by market capitalization in the red.
"If I wanted to position myself well, I would like to buy cryptocurrencies at this stage", van de Poppe additional.
โThe sentiment is still not the best, while many altcoins are down a lot, some even 80% from their ATH. The adoption is even growing and in terms of price, those coins are in areas of great support. "
The Crypto Fear & Greed Index saw a significant rally overnight, jumping from 27 to 45 but still characterizing the market as in 'scare' mode.
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