Bitcoin (BTC) touched close to $ 50,000 on December 22 when hope began to appear that the price correction might be over.
BTC / USD 1-hour candlestick chart (Bitstamp). Source: TradingView
Be Bullish Once $ 50,500 Breaks Out – Analyst
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD reached highs of $ 49,600 on Bitstamp, its highest level since December 13.
A boost among cryptocurrencies due to the Turkish lira riots on Monday lingered on the mind as Bitcoin and altcoins held higher with attention now focused on the new year and higher prices. At $ 50,000.
“The first breakthrough happened in Bitcoin. But we have yet to cross enough levels to say that we are optimistic, ”Cointelegraph contributor Michaël van de Poppe said overnight.
“Overall a big advance from $ 50.5K to $ 51.5K and I’m confident of it. Also, 2022 is expected to be a great year overall.
With $ 50,000 constituting psychological resistance, others have turned to on-chain metrics for further proof of Bitcoin’s underlying strength.
Among them was fund manager Dan Tapiero, who noticed bullish signals on the Moving Average Convergence Divergence Indicator (MACD) in what has always been a buying moment.
“The rallies start when least expected / when tired traders give up,” he summarized.
MACD implies the relationship between two exponential moving averages in BTC / USD and a bounce after a downtrend preceded price increases.
BTC / USD (Bitstamp) 1-day candlestick chart with MACD. Source: TradingView
The last time the buy signal appeared was in late September, just before Bitcoin hit new all-time highs just over a month later.
Sentiment index almost doubles
In more encouraging signs for investors, altcoins started posting higher daily gains through Wednesday.
Ether (ETH), the largest altcoin by market cap, held $ 4,000, while Terra (LUNA) is up 16% at the time of writing.
Ripple’s XRP token was up 9%, with none of the top 10 cryptocurrencies by market capitalization in the red.
“If I want to position myself well, I would like to buy crypto right now,” added van de Poppe.
“The sentiment is not the best yet, as many altcoins are down a lot, some even 80% from their ATH. Adoption is even growing, and in terms of price, these coins are in significant support areas. “
The Crypto Fear & Greed Index saw a significant rise overnight from 27 to 45, but it still characterizes the market as in ‘fear’ mode.
Index of greed and fear of cryptocurrencies. Source: Alternative.me
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