Bitcoin price continues to struggle below the USD 50,000 resistance. Last month’s short-term downtrend remains in place, which could limit further gains beyond $ 50,000 to $ 60,000. BTC is down 4% in the past 24 hours and was trading at $ 48,435 at press time.
BTC / USD 4-hour chart | Source: TradingView
Bitcoin fell to $ 48,000 on Thursday and lost nearly 5% after hovering above $ 50,000 in the past two days. However, the trading volume of the No. 1 cryptocurrency by market capitalization on the major centralized exchanges continues to decline.
The cryptocurrency is down about 14% in the past seven days, although support at around the 200-day moving average (currently at $ 46,500) could stabilize the current pullback. BTC buying activity remains weak despite some oversold signals on the chart. This diminishes the chances of a significant uptrend in January, especially given the loss of bullish momentum on the weekly and monthly charts.
“With Bitcoin temporarily back below $ 48,000, trader sentiment has now fallen into bearish territory as people are skeptical of a price return in mid-November. Historically, negative sentiment is an early sign that the BTC- Price has bottomed out, “said Santment.
The source: mood
Much of the crypto market is also in the red. Ether fell more than 5% to around $ 4,000. The bear market came as US stocks fell and the US dollar index (DXY), which tracks the value of the greenback against major fiat currencies, rose 0.28%.
As Bitcoin news Polygon has reportedly acquired the Ethereum scaling startup Mir for $ 400 million to MATIC. With the purchases, Polygon aims to be a universal scaling product for Ethereum – a major strategic shift from an Ethereum competitor in the past.
The total capitalization of the crypto market is currently $ 2.277 trillion and the dominance of bitcoin is 40.2%.
Key Points: Bitcoin Spot ETF Inflows totaled $449M, led by BlackRock’s $1.45B contribution. Ethereum Spot…
Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…
Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…
VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…
President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.
Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…
This website uses cookies.