The price of BTC did manage to secure some market bears as it hammered in at a support level of $48,000 on the 28th of December. Now, it does appear that the rally at the end of the year that most of the crypto traders are hoping for, will actually have to be postponed for the next year.
According to data that was received from TradingView and Cointelegraph Markets Pro, it has been seen that an early morning wave of selling crashed through the Bitcoin support at $50,000, which was then followed by a second wave in the early part of the afternoon which soon dropped the top cryptocurrency to a daily low of $47,318.
BTC Price Could Go Further Down
John Wick, a pseudonymous Twitter user and options trader, has provided some major insights into the major technical reasons behind the price correction for BTC. He recently posted that there was a fake-out by bears, with the price of the cryptocurrency plummeting rapidly. He explained that they had formed a double-tap that was definitely by a divergence of a bearish RSI. Now, with the price action acting up, the RSI was getting down.
The struggles of BTC at the 21-week-exponential moving average were displayed in the chart provided by Rekt Capital, analyst and pseudonymous. This simply shows the difficulties of Bitcoin as it tried in breaking above the technical director. According to this analyst, the price action for BTC would be the same one that it faced in May, where Bitcoin is bound to experience a multi-weak consolidation between the two completely different EMAs.
As of now, the market cap for the total cryptocurrency sector stands at $2.234 trillion, with the dominance rate of BTC stranded at 40.3%
