Wednesday, June 12, 2024

Bitcoin is putting its yearlong moving average to the test, as a $100K by Christmas requires a ‘small miracle.’

Bitcoin was prepared on December 19 for an encounter with an important moving average price trend. It is running out of time for a high close in 2021.

MA Trendline of This Year

Data on December 19 shows BTC/USD maintaining $47,000 point. It remains firm within the established range. This BTC price is the current location of the one-year moving average trendline. It is an important line for BTC, enabling significant upside in case BTC/USD keeps it for support. A one-year MA is an important pivot level, and this level is currently going on. Even if there is a bounce, it will have to cover a large ground if BTC wants to deliver its closing price at the year-end to meet earlier bull expectations.

No Year-End Macro

The unexpected end of 2021 has affected traditional markets as well. The usual closed “Santa rally” was not visible in the last week. Some short-term performance boosts were noticed after comments issued by the US Federal Reserve. Overall, the progress is slow compared to what it was earlier this year. The market is not showing any sign of a Santa rally. The current outlook is not favorable, with the latest economic shutdowns being announced now after the spread of omicron variant coronavirus. These lockdowns are expected to enter the next year and affect business and currency trading.

Looking at the BTC daily chart, it can be suggested that its price, currently hovering around $51,000, will soon see it trying to touch the next resistance level. That level may be between $55,000 and $59,000. If bulls are unable to move their price up, there may be a price cut under the moving averages. When new uptrends become noticeable, traders prefer 9 days and 21 days MAs as the nearest support level.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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