Bitcoin will now decide whether to maintain the year-long trendline as support for what has led to a long-term upward trend in the past.

Bitcoin (BTC) faces a challenge with a major moving average (MA) price trend on December 19, with time running out for a strong 2021 close.

“I agree, we will give back and carry on”

Data from Cointelegraph Marketplaces Pro and TradingView show that Sunday BTC / USD trading is at $ 47,000, well within the established ranges.

That price level is now the location of Bitcoin’s year-long MA trendline, a major historical line in the sand that has enabled a significant uptrend if BTC / USD sustains it as support.

“The 1-year MA is quite a historically significant bitcoin bull / bear swing level and we are currently capturing it,” said Philip Swift, creator of the on-chain data resource Seem Into Bitcoin. commented.

“I am voting for us to give it back and continue to improve.”

A rebound would leave plenty of room for rebound in order to keep year-end prices even slightly in line with earlier bullish expectations.

Among them are those from PlanB, creator of the stock-to-flow model, who admitted over the weekend that its $ 100,000 goal for 2021 is unlikely to be met.

He added that he will not abandon his models, which remain valid despite recent events.

Bitcoin needs a little miracle for Christmas 100k. If it doesn’t happen, will I drop the S2F model? No, I really like the lower bands. In fact, I released the model in March 2019 in the lower bands with btc under 4K. pic.twitter.com/L1m0jFGNYM

– PlanB (@ 100 trillion USD) December 18, 2021

No “Santa Claus rally” for this year’s macro

The unusual timing, which ends in 2021, has meanwhile also affected the traditional markets, while the classic “Christmas rally” didn’t show up last week.

Related: Analyst List 21 Factors That Are Driving Bitcoin Price Up – But Only 4 Signals Down

Comments from the US Federal Reserve provided a short-term boost, but overall progress was subdued compared to the beginning of the year.

Commentator Holger Zschaepitz: “As if mkts isn’t organizing the typical Santa rally” conclude.

“Global stocks lost $ 1.8 billion this week with a limit as investors reacted to the Fed’s pivot, the surge in Covid cases, and found themselves positioned with an already inflated capital valuation for the coming year 2022. Stocks are still valued at $ 118 trillion, or 140% of global GDP. “

The immediate outlook is no better as the Coronavirus-Omicron variant is causing a new economic standstill that will stretch into the new year.