December 9, 2022

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The Bitcoin Christmas Rally Has Already Ended Or Has It Not Started Yet? » Crypto Insiders

Faith in the so-called “Christmas ray” began to fade again. Bitcoin (BTC) I managed to jump shortly before Christmas, which made the race really good rising seem. It gave hope that we might still see sprint sprints at the end of the year. However, Bitcoin During the Christmas period the price seems to have some problems to hold. However, we see market fears easing further and hope for a resumption of the rally has not disappeared yet.

Bitcoin loses steam during the Christmas rally

From Bitcoin price It seemed to hold about $51,000 on Christmas morning, but then slowly started losing momentum and then hovered between $50,700 and $51,000. By Christmas Eve, Bitcoin lost ground and then fell to $50,400.

Bitcoin made big bounce, bounce. The price rose to $51,400, up 2% in less than an hour. Then it looked like Bitcoin had reached around $51,000 again the support to find. However, in the middle of the night, the price lost its momentum again and then fell to $50,500. However, Bitcoin failed to hold here this morning as well, then suddenly dropped to $49,500. It seems that the decline was accompanied whales who are still making some profits.

Bitcoin fell again this morning through the psychological barrier of $50,000. Bitcoin broke that barrier for the first time in two weeks last Thursday. This has raised hopes for the so-called Christmas March. However, we have already warned on Crypto Insiders that Bitcoin may need an additional boost and first have to get $53,000-$54,000 to really talk about a breakout and trend reversal.

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So it is still possible for Bitcoin to remain trapped in this range for a longer period. However, Bitcoin may now be top low A test against a bottom on Thursday, just before bitcoin jumped, and against last Monday, when bitcoin briefly dropped below $46,000. Then Bitcoin may also become a file highest height can test.

Bitcoin is slowly grabbing $50,000 at the time of writing, although trading volume is still low, but that’s not surprising at Christmas.

Bitcoin Analysts Still Optimistic

Regardless, most crypto analysts remain bullish on Bitcoin in the medium term. The market still looks very convinced that we are in a bull market and we will see another strong rally. If it doesn’t start this year, maybe early next year.