Bitcoin is approaching $ 50,000 – here are the BTC price levels to watch next

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Bitcoin (BTC) touched close to $ 50,000 on December 22 as hope began to appear that the price correction might be over.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingViewGet bullish once $ 50,500 is broken – analyst

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD to hit highs of $ 49,600 on Bitstamp – its highest since December 13.

An inter-crypto boost from the turkish lira unrest on Monday lingered in mind as Bitcoin and altcoins remained higher with attention now focused on the new year and higher price points. to $ 50,000.

The first breakthrough happened on Bitcoin. But we still have to cross enough levels to say that we are bullish, ”said Cointelegraph contributor Michaël van de Poppe overnight.

“Overall a breakthrough to $ 50.5K to $ 51.5K and I’m sure of that. Plus 2022 should be a great year overall.”

#BTC

Well, look what we have here ladies and gentlemen.

Our first green bar has appeared!

Now we need to make sure that this potential reversal does not come true. If the next bar doesn’t confirm the reversal, then we should continue breaking the descending triangle ✅ https://t.co/MrbkrAqyXh pic.twitter.com/OliTqKrafx

– John Wick (@ZeroHedge_) December 21, 2021

With $ 50,000 constituting psychological resistance, others have turned to on-chain metrics for further proof of Bitcoin’s underlying strength.

Among them was fund manager Dan Tapiero, who noted bullish signals on the moving average convergence divergence indicator (MACD) in what has always been a buying moment.

“Rallies start at the least expected time / when tired bulls give up,” he summed up.

MACD involves the relationship between two exponential moving averages on BTC / USD, and a rebound after a downtrend preceded the price increases.

1 day candle chart BTC / USD (Bitstamp) with MACD. Source: TradingView

The last time the buy signal appeared was in late September, just before Bitcoin hit new all-time highs just over a month later.

The sentiment index almost doubles

In more encouraging signs for investors, altcoins started posting larger daily gains through Wednesday.

Related: 20/12 Price Analysis: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE

Ether (ETH), the largest altcoin by market cap, held down $ 4,000, while Terra (LUNA) was up 16% at the time of writing.

Ripple’s XRP token rose 9%, with none of the top ten cryptocurrencies by market capitalization in the red.

“If I want to position myself well, I would like to buy into crypto at this point,” Van de Poppe added.

“Sentiment is still not the best, as many altcoins have fallen a lot, some even 80% since their ATH. Adoption is even growing and in terms of price these coins are in support areas. important.”

The Crypto Fear & Greed Index saw a significant surge overnight from 27 to 45 but still characterizing the market as being in “fear” mode.

Crypto fear and greed index. Source: Alternative.me

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