Bitcoin (BTC/USD) Price Analysis – Is it Going After $50,000?
Arslan Butt•Wednesday, December 22, 2021•2 min read
- Bitcoin is trading with a bullish bias at 49,140, and facing immediate resistance at 49,850
- Meanwhile, the US dollar was poor across the board, putting more upward pressure on the BTC/USD, as the two have a negative correlation
- According to Bitpanda, issuing a completely EU-based BTC ETC, using the euro as the foundation currency, will provide exposure to a new asset class
The
BTC/USD was last seen at $48,923.0, with a high of $49,352.0, and a low of $46,683.0. BTC/USD rose for the second day on Tuesday, recouping some of its losses of the previous day, as the market sentiment towards Bitcoin strengthened. Bitpanda, a cryptocurrency investment platform located in Vienna, has released its first exchange-traded cryptocurrency note, which will track the price of Bitcoin and will be sold in euros. The $4.1 billion investing platform has stated that it intends to launch additional crypto ETC products in 2022. Bitpanda is a cryptocurrency platform, and Bitcoin ETC is a cryptocurrency that is physically backed by Bitcoin, and is traded on the Xetra exchange of the Deutsche Boerse.
Bitcoin Live Rate
Xetra has hosted ETPs from 21 Shares, ETC Group and Wisdom Tree; however, the advent of physical cryptocurrency-backed ETPs has not been welcomed in the United States. According to Bitpanda, issuing a completely EU-based BTC ETC, using the euro as the foundation currency, will provide exposure to a new asset class. This news added to the optimism surrounding the BTC/USD on Tuesday, causing its prices to rise.Another factor contributing to the rise in BTC/USD values could be China’s cryptocurrency ban. According to some analysts, Houbi concluded its China exit last week, which may have slowed Asian selling pressure and driven the BTC/USD higher. Huobi, China’s cryptocurrency exchange, said in September that it would dismiss all existing customers in mainland China by the end of this year, in response to China’s harsher crypto trading regulations. As a result, Asia’s diminished selling pressure has added to the positive pressure on the BTC/USD.
Meanwhile, the US dollar was poor across the board, putting more upward pressure on the BTC/USD, as the two have a negative correlation. After the risk-on mentality emerged in the market, the US Dollar Index, which measures the value of the greenback against a basket of six major currencies, plummeted to 96.34. The announcement that coronavirus tablets have been approved by the US Food and Drug Administration has alleviated fears regarding the Omicron variety. Pfizer and Merk’s medicines will be used to combat the coronavirus and lessen its influence on global economic recovery. All of this news weighed on the safe-haven US currency, allowing BTC/USD to stay higher for the day.
Daily Technical Levels
Support Resistance
47,286.6 49,955.6
45,650.3 50,988.3
44,617.6 52,624.6
Pivot Point: 48,319.3
Bitcoin price analysis – Is it going after $50K?
Bitcoin is trading with a bullish bias at 49,140, and facing immediate resistance at 49,850. A bullish crossover above this level would expose the BTC/USD to the 51,830 resistance zone. At the same time, the support continues to hold around the 48,044 mark. A break below the 48,044 level would expose Bitcoin to the 45,700 support zone.
The RSI and Stoch RSI support a bullish bais, which could trigger an uptrend in Bitcoin. So, let’s consider taking a buy trade until 49,900 and 51,800. Good luck!
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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