Bitcoin price remains hovering at $ 50,000, try to reverse the sell-off over the weekend

Bitcoin price may not be able to build on the recovery momentum as it nears the end of the year. It continues to hover near $ 50,000 as it tries to find direction. The rally to $ 52,000 was short-lived as long-term loans have been liquidated in the past few hours – albeit small amounts as they run down. At the time of writing, BTC is changing hands at $ 50,645.

BTC / USD 4-hour chart | Source: TradingView

Bitcoin price has fallen slightly again in the past 24 hours

The top cryptocurrency spent most of Tuesday trading over $ 51,000 as stock markets rebounded on growing optimism that the new Omicron coronavirus variant will do less harm to the economy. However, at the time of publication, the price has fallen again after falling slightly in the past 24 hours. The trading volume on the main centralized exchanges was lower.

“It seems like it was years ago, but there has been a -18.4% bitcoin price drop this weekend, along with some oversold signals. Our weekly report on NRPL metrics is a great leading indicator to watch right now, along with many other topics, ”said Santiment.

The source: mood

You can see it is trying to reverse its weekend sell-off, although the price of the cryptocurrency could encounter resistance of $ 53,000 to $ 55,000 in the short term. The 4-hour Relative Strength Index (RSI) is rising from extremely oversold levels, suggesting buyers can stay positive in the short term. However, it remains within a month-long downtrend as defined by the downward sloping 100-period moving average on the 4-hour chart. A downtrend tends to limit the price increase when there are more sellers than buyers.

Price momentum remains negative on the weekly chart, which means that Bitcoin will need more time to finally break over its short-term downtrend.

Meanwhile, according to data from Choice.me, the crypto fear and greed index is currently 23. A lower number indicates fear and a higher number indicates greed on a 100-point scale.

Crypto Fear & Greed Index as of December 8th | Source: Choice.me

The decline of this indicator into the negative zone implies a trend change from bullish to bearish. The previous bearish crossover, confirmed in late April, followed by consecutive weekly losses of more than 10%, caused Bitcoin price to drop from $ 58,000 to $ 30,000.
Although it is up nearly 20% from Saturday’s low of less than $ 43,000, the cryptocurrency must still have returned to the bullish trendline from the July low that was broken last week.

Meanwhile, ether has fallen about 1% over the same period. As Bitcoin news According to reports, around 100,000 ETH were bought on FTX, Binance and Coinbase and sent by Nansen to wallets labeled A couple of Arrow Cash (3ac).

The 3ac wallet address can be found here on Etherscan. The move came as a surprise to many digital asset investors. But it seems that this news didn’t affect the ETH price too much.

The total crypto market cap is $ 2.360 trillion and the dominance of bitcoin is 40.5%.

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