In the last 24 hours, the global crypto market has lost 0.87 percent. Bitcoin eventually crossed the $50,000 mark, with a 0.20 percent bearishness in the last hours. With the hits it took during the current recession, Bitcoin appears to be stronger. It has already surpassed the $50,000 mark as a result of the improvements. The last recession began around $59K and ended at $46K, putting bitcoin in a very tricky situation.
Will BTC Stabilize Above 51k?
At press time BTC price is trading at $50,862.90. As per the current market sentiment, the flagship currency may experience a minor restest after hitting $52K, and we may see $50k being tested again before surging higher.
On the upside, any further bullish movement may hit the resistance levels at $55,000, $57,000, and $59,000.
On the downside, if the market decides to fall, traders could see a further decline towards the support levels of $47,000, $45,000, and critically $43,000.
What Traders Can Expect With the Death Cross On Horizon ?
Tone Vays, a seasoned cryptocurrency trader, claims to have found the next critical testing level for top crypto Bitcoin (BTC).
Vays warns his 118,000 YouTube subscribers in a new strategy session that BTC will face its “ultimate” test in late December or early January.
According to him, if Bitcoin price stays in the [$50,000 zone] for the next four or five days and then drops to $48,000, that may be a good enough consolidation for it to rebound directly into [its] death cross.
He believes the moving averages will cross in late December or early January, and that this would be the ultimate test of Bitcoin’s resistance.
Though there are no official timeframes, a death cross occurs when a stock’s short-term moving average falls below its long-term moving average, which is a bear indicator. According to Vays, BTC’s death cross might occur between $52,000 and $54,000.
According to Vays, Bitcoin is developing a double top pattern on its four-hour chart, which he interprets as a sign of bullish momentum.
“The four-hour chart appears to have broken the MRI (momentum reversal indicator) resistance line, but it perfectly hit an MRI top on a four-hour [chart] just like it hit it [hours ago]. Look what happened after – the top has not yet been broken on an intra-candle level…
You know my rule on double tops: double tops are meant to be broken to the upside. The fact that we made it all the way up and matched [the second] top is a bullish sign.”