Bitcoin price back to nearly $ 50,000 after a week of swinging in the $ 40,000 region

Bitcoin price made up most of the losses of the past week, bouncing back over $ 50,000. The rally comes two days after the S&P 500 closed near its all-time high on Friday. But at the time of writing, BTC is changing hands at $ 49,816.

BTC / USD 4-hour chart | Source: TradingView

Bitcoin price bounces back to $ 50,000 on weekend consolidation

Bitcoin has held above $ 50,000 since the beginning of October – a sign of a sustained bull market for many. But its rapid collapse last weekend – in part due to significant leveraged trade – surprised some: Bitcoin valued at $ 1.79 billion was liquidated in an hour, dropping its value to about $ 47,000 on Friday.

Over the weekend, trading volumes on major centralized exchanges remained low, far from the highs a week ago when the oldest cryptocurrency fell as low as $ 42,333 on December 4th. The decline in volume suggests that the price recovery will be less sustained, meaning that it remains uncertain where Bitcoin will go when the markets in Asia open.

Some have noted a pattern in the recent volatility of the cryptocurrency and compared the price structure of Bitcoin to 2020 levels. Bitcoin’s return to $ 50,000 is bullish news for many, but it hasn’t broken the hesitation of some analysts about another possible drop or stagnation. For Will Clemente aBank’s technical analyst Pentoshi, Bitcoin needs to break through $ 52,000 to $ 53,000 to allow for another potential bull run.

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But the situation is improving and the quick profits come after a flash crash in early December. Altcoins are also on the rise: Ether rallied over $ 4,100 yesterday. It bounced back above $ 4,100, but the direction of the crypto market earlier in the week remains uncertain.

Solana (SOL) has spearheaded development activities among the top crypto projects, beating the equally impressive daily Github filing rates from Polkadot (DOT) and Cardano (ADA) last month. , ”Reported Santiment.

The source: mood

All cryptocurrencies in the market move higher during the day. The total crypto market cap is $ 2.294 trillion and the dominance of Bitcoin is 41.1%.