Despite the low volatility, Bitcoin still maintains a good technical scenario to end this 2021 with positivism, in this publication we analyze the current situation to discover where the price is heading.
At the time of this writing, BTC is trading at $50,036.22, accumulating a loss of 1.32% in the last 24 hours, although maintaining a gain of 6.58% in the last 7 days.
The little determination on the part of the bulls, makes market participants still fearful of what may happen next, and we can see this in the Bitcoin sentiment indicator.
In CryptoQuant’s weekly Bitcoin metric analysis roundup, we can see that there really isn’t much certainty yet as to what will happen in this final stretch of 2021.
Despite this, the indicators related to supply and demand, as well as the strength of accumulation by large market participants, remain solid with a medium/long-term bullish forecast.
Technical oscillators are mostly neutral, albeit pulling bearish, which in turn is reflected in short-term market sentiment.
Bitcoin can still give surprises in this final stretch of 2021
On the daily chart BTC vs USDT we see that the price recently recovered its short-term uptrend, after escaping the top of a descending wedge.
Wedges are fairly reliable chart figures when they form on relevant support, as it happened in this case.
Now that the bulls are in control in the short term, the price of Bitcoin should go higher in this final stretch of 2021.
During the pre-Christmas holidays, the price was hampered by resistance at $51,200. A pullback is still in the works today and appears to be getting support near $50,000.
At the moment the correction is most likely to stop, to give way to a new momentum in the short term, which will be really relevant only if it manages to break through the resistance at $ 51,200. If that happens, your next goal is to hit $59,000.
To think about sales, the support at $48,588 must be crossed; although it should not be a worrying scenario as long as the support at $43,100 holds.
Weekly chart
From this time frame, we see how quite likely Bitcoin will end this 2021 with more profits.
After a sharp drop, low price rejection and upward pressure this week, they appear to be signaling a possible bottom.
Now, if a new rally is starting, it would not be unreasonable to see new all-time highs over the next few weeks/months.
As I mentioned, short-term selling will not be very important as long as the support at $43,100 holds.
