What does a 5% Bitcoin recovery mean for December 2021?
Bitcoin caused on November 26th. a temporary panic as the market fell more than 5% in the hourly candle. Accordingly, the price hit a new monthly low of $ 53,500 and some relative concerns began to surface in the market. The sustained decline in November has somewhat affected the positive sentiment and the consolidation at the bottom has not helped in the past few days.
In the longer term, however, BTC remains on course as yesterday’s rally showed a different promise.
As November draws to a close, December can bring a whole different breeze.
Not as bad as it looks
2021 is an unprecedented year for Bitcoin. The unique point is that BTC has hit new ATH many times in the past 11 months. Alongside these huge highs, there have also been significant lows. However, if you look at the rest of the year, the difference to ATH in November is minimal.
Bitcoin is only down 21.8% against ATH this month, after having previously fallen 54% in May-July and a whopping 37.2% in September. All in all, the November decline wasn’t that devastating.
During this particular time, whales are very busy. According to well-known analyst Willy Woo, falling prices are causing whales to make vigorous movements again and disrupt the accumulation of assets. El Salvador is one of them, with President Nayib Bukele unveiling an additional purchase of 100 BTC.
The source: Willy Woo
Bitcoin is still stable
The graphic above is still relevant in the current context. BTC price has been trying to stay above the sloping resistance line since late July. It was tested during the September decline and the November correction. However, yesterday’s 5% surge is still keeping Bitcoin afloat.
If price breaks the descending channel pattern, the crypto king can build another bullish momentum on the chart.
December 2021 is developing right for Bitcoin and the possibility of an all-time high is clear.
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According to AMBCrypto