Bitcoin Price Analysis — December 28 (Daily Chart)

GEMINI:BTCUSD   Bitcoin / U.S. Dollar
BTC met some intense resistance at the $51.4K pivot top and has recorded a sharp correction, following a prolonged consolidation around that area. The benchmark cryptocurrency now rapidly approaches the $48.5K support as bulls lose control over the market. That said, a price sighting at $48.5K could warrant additional correction to the $48K psychological level. However, I expect the daily 200 SMA line at that level to prevent any sustained bearish move and repel the price back into $50K territory. Nonetheless, trading volume as momentum remains considerably low amid the holidays, which should reduce sharp price movements.

Meanwhile, my resistance levels are at $49,500, $50,000, and $50,500, and my key support levels are at $48,500, $48,000, and $47,000.

Total Market Capitalization: $2.30 trillion

Bitcoin Market Capitalization: $926.5 trillion

Bitcoin Dominance: 40 .3%

Market Rank: #1


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