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Bitcoin (
$76,551.00 ) (BTC) retained $50,000 as support overnight into Dec. 8 amid confidence that the 2021 bull market was not yet over.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Silver lining for BTC weekly
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD testing but failing to crack through $50,000 after reaching local highs of $51,990 on Bitstamp Tuesday.
The pair had accelerated at the start of trading on Wall Street, adding to existing gains from Sunday to give BTC some short-term relief.
Now, however, it was time to consult longer timeframes to get a clearer picture of Bitcoin ( $76,551.00 ) market health, according to trader and analyst Rekt Capital.
In his latest YouTube video, Rekt Capital eyed the weekly chart to reveal what appeared to be a previously long-term resistance level flipping to support.
“This might very well be a successful retest attempt,” he said, highlighting the top diagonal of a downward wedging structure in place for much of 2021.
Significant buyer interest in an area around $43,000 added to the bullish prospects.
BTC/USD 1-week annotated candle chart (Coinbase). Source: Rekt Capital/ YouTube
Continuing, Fibonacci levels should figure in Bitcoin ( $76,551.00 ) ’s next move, the video argued, with Bitcoin ( $76,551.00 ) now caught between two key lines representing current support and the $60,000 region.
Few believers in end-of-year moonshot
Elsewhere, the prognosis was tame, with calls for a lackluster end to 2021 now taking prevalence.
Related: Bitcoin ( $76,551.00 ) could ‘drive people nuts’ for months with $53K BTC price ceiling — analyst
“Earlier today everyone thought we were going to moon, if we sweep the lows everyone will probably think we’re going to dump again,” fellow analyst William Clemente tweeted, reinforcing a previous statement.
“Still just think we’re going to consolidate and carve out a regime of mixed-negative funding before eventually going higher.”
Multiple correlations meanwhile hinge on the last few weeks of the year, among them Bitcoin ( $76,551.00 ) versus 1970s gold and, of course, its own 2017 performance.
