Bitcoin price aims for $52K as stocks rebound fuels bullish return

Bitcoin ( $70,795.00 ) (BTC) attempted to crack $51,600 resistance throughout Dec. 7 as BTC/USD gained in line with an equities rebound.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin ( $70,795.00 ) : “The trend is still up”

Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency making repeated assaults on the $51,600 mark on Dec. 7.

At the time of writing, the latest charge was ongoing, as the Wall St. open added further bullish momentum towards $52,000. Bitcoin ( $70,795.00 ) was up almost 6% overnight.

“ Bitcoin ( $70,795.00 ) rejecting at $51.6K. That’s an important level, just like $53.5K–55.5K is,” Cointelegraph contributor Michaël van de Poppe commented earlier.

“The trend still up since the recent crash, through which $49.6K is an area that I’d like to see hold if we want to retest the $53.5–55.5K zone.”

Nerves were still palpable across crypto markets amid the broad belief that the current gains could be a so-called “dead cat bounce” and a return to lower levels awaits.

Nonetheless, the 5% price uptick appeared to do wonders for sentiment in terms of numbers, the Crypto Fear & Greed Index jumping a whole nine points to 25/100 — on the edge of breaking out of “extreme fear.”

Crypto Fear & Greed Index. Source: Alternative.me

“5% does wonders,” fellow trader and analyst TechDev added.

ETF volumes show institutions still hungry for BTC

As Contelegraph reported, appetite for buying Bitcoin ( $70,795.00 ) has nonetheless remained throughout recent days.

Related: This Bitcoin ( $70,795.00 ) price metric just hit ‘oversold’ for only the 7th time in 8 years

Along with a conspicuous whale account, institutional interest is also strong, as evidenced by exchange-traded fund (ETF) volumes.

“Yesterday, Purpose Bitcoin ( $70,795.00 ) ETF had its biggest inflow since the inception,” Lex Moskovski, chief information officer of Moskovski Capital, summarized looking at the data.

“The demand is here.”Purpose Bitcoin ( $70,795.00 ) ETF flows annotated chart. Source: Lex Moskovski/ Twitter

Elsewhere, open interest in Bitcoin ( $70,795.00 ) futures also ticked up Dec. 7, having taken a serious hit as BTC/USD crashed below $42,000.

Bitcoin ( $70,795.00 ) open interest chart. Source: Coinglass



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