It was another good week for BTC. As Holidays are coming to the Western markets, as well as the end of the year, investors were seeking for another push to the upside in order to finish the year in high profits. During this year, the crypto market added 116% to its value, making it for another year the only asset with such high returns. For one more year BTC managed to beat US equities, gold and all other asset classes, which were for many years treated as high-yield investments. Frenzy over the first BTC ETF pushed the price of BTC above the level of $40K, while US macro data as of the year-end supported investors to search for riskier assets to place their funds.
The price of BTC reached its highest weekly price at $44.485, reaching another top from 8th December. For the second time, the price of BTC could not reach higher grounds, and the price reverted a bit to the downside during weekend trading sessions on the crypto market. RSI continues to hold above the level of 50, ending the week around 62. Although it looks like that investors are still not ready to head clearly toward the oversold side of the market, still, charts are indicating that it might happen in the week(s) to come, at least after the Holidays. Moving average of 50 days continues to strongly diverge from its MA200 counterpart, not indicating any slow down, and any potential cross in the near term period.
Charts are currently indicating a high potential for a short term reversal of BTC`s price. However, considering the Holiday session on the Western markets, there is a high probability that trading will slow down during the week ahead. In this sense, the price of BTC might revert slowly to the down side, toward the $ 42K, however, decreasing probability that $40K might be tested in a week ahead. A move toward the upside is also unlikely, however, it should be considered that BTC still has not managed to clearly test the $45K resistance since the beginning of December.
The price of BTC reached its highest weekly price at $44.485, reaching another top from 8th December. For the second time, the price of BTC could not reach higher grounds, and the price reverted a bit to the downside during weekend trading sessions on the crypto market. RSI continues to hold above the level of 50, ending the week around 62. Although it looks like that investors are still not ready to head clearly toward the oversold side of the market, still, charts are indicating that it might happen in the week(s) to come, at least after the Holidays. Moving average of 50 days continues to strongly diverge from its MA200 counterpart, not indicating any slow down, and any potential cross in the near term period.
Charts are currently indicating a high potential for a short term reversal of BTC`s price. However, considering the Holiday session on the Western markets, there is a high probability that trading will slow down during the week ahead. In this sense, the price of BTC might revert slowly to the down side, toward the $ 42K, however, decreasing probability that $40K might be tested in a week ahead. A move toward the upside is also unlikely, however, it should be considered that BTC still has not managed to clearly test the $45K resistance since the beginning of December.
