Bitcoin needs a “little miracle” to test the annual moving average of $100,000 before Christmas


Bitcoin (Bitcoin) Prepare to showdown on the key moving average (MA) price trend on December 19, and the time for a strong closing in 2021 is running out.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

“I voted for us to rebound and maintain the bull market”

Data from Cointelegraph Markets Pro and Transaction view The trading price of BTC/USD on Sunday was US$47,000, which is still within the established range.

This price is currently the position of Bitcoin’s one-year moving average trend line, which is an important historical line. If BTC/USD maintains its support, it can achieve a considerable increase.

“Historically, the 1-year moving average is a very important Bitcoin bull/bear fulcrum level, and we are at this point now,” said Philip Swift, creator of the on-chain data resource Look Into Bitcoin, Comment.

“I voted for us to rebound and maintain the bull market.”

BTC/USD 1-week candlestick (Bitstamp) and 52-week moving average. Source: TradingView

The rebound will still have a lot of room for recovery, so that the year-end closing price is slightly in line with the previous bullish expectations.

These include PlanB, the creator of the stock-to-flow model, who admitted over the weekend that his 2021 goal of $100,000 is unlikely to be achieved.

He added that he would not give up his model, which Stay effective Although something happened recently.

There is no “Santa Claus Rally” this year

The unusual end of 2021 has also affected traditional markets, while at the same time, the classic “Santa Claus Rally” was nowhere to be seen last week.

related: The analyst lists 21 factors that require bitcoin prices to rise-but only 4 bearish signs

The Fed’s comments provided a short-term performance boost, but overall, progress has been slow compared to earlier this year.

“It looks like mkts is not hosting a typical Santa Claus rally,” market commentator Holger Zschaepitz Summarize.

“As investors reacted to the Fed’s hawkish stance, Covid cases have surged and found that their valuation in 2022 has risen. The market value of global stock markets has fallen by US$1.8 trillion this week. The stock is still worth US$118 trillion. , Accounting for 140% of global GDP.”

The immediate prospects are not optimistic. The Omicron variant of the coronavirus has triggered a new economic shutdown, which will continue into the new year.