Bitcoin (BTC) attempted to break through the $ 51,600 resistance throughout December 7, as BTC / USD gained in line with a rally in stocks.
Bitcoin: "The trend continues to rise"
Data of Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency making repeated attacks on the $ 51,600 mark on December 7.
At the time of this writing, the latest charge was ongoing as the Wall St. open added additional bullish momentum towards $ 52,000. Bitcoin was up almost 6% overnight.
"Bitcoin rejection at $ 51.6K. That's an important level, as is $ 53.5K - 55.5K," Cointelegraph contributor Michaรซl van de Poppe commented earlier.
"The trend is still up from the recent dip, through which $ 49.6K is an area that I would like to see sustain if we want to retest the $ 53.5-55.5K zone."
Nerves were still palpable in crypto markets amid widespread belief that current gains could be a so-called "dead cat bounce" and expected a return to lower levels.
Nonetheless, the 5% price increase seemed to do wonders for sentiment in terms of numbers, the Crypto Fear & Greed Index jumping a total of nine points to 25/100 - on the verge of breaking the "extreme fear".
"The 5% does wonders", fellow trader and analyst TechDev additional.
ETF Volumes Show Institutions Still Hungry For BTC
As Contelegraph reported, the appetite to buy Bitcoin has been sustained throughout the past few days.
Related: This Bitcoin Price Metric Just Hit 'Oversold' For The 7th Time In 8 Years
Along with a conspicuous whale bill, institutional interest is also strong, as evidenced by volumes of exchange-traded funds (ETFs).
"Yesterday, Purpose Bitcoin ETF had its biggest influx since inception," Lex Moskovski, chief information officer at Moskovski Capital, summarized looking at the data.
"The demand is here."
Elsewhere, open interest in Bitcoin futures also spiked on Dec. 7, having taken a serious blow as BTC / USD crashed below $ 42,000.
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