Friday, January 28

Bitcoin could still give us good news before Christmas

The crypto market continues to be in trouble, as BTC continues to inject fear and uncertainty. Will Bitcoin continue to fall or is it possible that it will revive before Christmas? Find out in this post.

The bitcoin value At the time of writing it is $ 47,147.91, accumulating a 0.94% gain in the last 24 hours, although maintaining a 6.56% loss in the last 7 days.

Bitcoin stocks continue to fall as Christmas approaches

The number of Bitcoin coins on exchanges is getting lower and lower, due to continuous withdrawals by investors who take advantage of low prices to accumulate more.

The price has yet to react upward with determination, despite the growing shortage.

However, the fall has been steadily losing steam. The bulls could take advantage of this to quickly regain control.

BTC reserves on exchanges. Fountain: Crypto Quant.

BTC price is enclosed in a wedge

In the daily chart Bitcoin vs Tether we see how the bears have been losing strength in recent days.

This behavior draws a fairly clear descending wedge. This chart figure generally heralds an upcoming change in trend, when it is built on major support, such as is currently the case with BTC.

It seems quite likely that we are about to see a rally in the price of Bitcoin, perhaps before Christmas. Breaking through the resistance at $ 48,864 will be a good confirmation that a relevant bullish jump will follow.

There is still a dominant short-term bearish bias, so we cannot rule out a scenario where the price breaks the wedge at the bottom, and seeks lower levels, perhaps near $ 42,000.

Bitcoin could deliver good news before Christmas.  BTC vs USDT daily chart.  Source: TradingView.
Bitcoin could deliver good news before Christmas. BTC vs USDT daily chart. Fountain: TradingView.

The bullish force is dominant

When we zoom out a bit and go to the weekly chart, we see that BTC is simply making a correction, after a strong bullish momentum that took the price towards a high of $ 69,000.

Now, with the rejection of support near $ 43,000, it looks like Bitcoin could see some gains before Christmas. From this time frame, we see that the resistance to be crossed is at $ 50,000.

There is still a significant danger that the losses will spread further; but it shouldn’t be too worrisome as long as the support at $ 43,000 holds.

All our publications are informative, so in no case should they be followed as investment advice.