The price of Bitcoin reached the mark of $50,000 on the 22nd of December, reigniting hopes that the price correction for the coin would be over. According to data that was released from TradingView and Cointelegraph Markets Pro, the BTC/USD exchange did manage to hit the highs of $49,600 on Bitstamp- which has been the highest they have reached since the 13th of December.
A boost across cryptocurrencies which was the direct result of the turmoil taking place with the Turkish Lira on Monday brought in the spirit of all cryptocurrencies staying staunchly together- with the major focus now divided on the new year and the price levels above $50,000.
Bitcoin’s Movement Rejuvenating Hope
Michael van de Poppe, one of the major contributors of Cointelegraph, recently declared that the first breakthrough had taken place on Bitcoin. But, there still needed to be enough of them to break the levels- considering they were still at an extremely bullish position.
With the price level of $50,000 signifying a psychological resistance, others have moved on towards on-chain metrics for further proof of underlying strength that the cryptocurrency holds. Principal among them was Dan Tapiero, a fund manager, who observed the bullish signals on the moving average convergence divergence indicator in a period that was supposed to be all about purchases.
He went on to summarize that the price rallies usually start when they are least expected- or when tired bulls usually give up something that Bitcoin would be praying for. MACD currently involves the relationship taking place between a couple of exponential moving averages on the exchange, which is also a rebound from a downtrend that has preceded most price run-ups.
The previous occasion when the buy signal came up was at the end of September, just days before Bitcoin went on to rise to new all-time highs.
