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BTC tracks sterling lower

The BTCUSD pair fell to $50,489 (+0.79%) on Tuesday, December 7. During the European session, price action rose to $51,931. Buyers retreated towards the close after failing to breach the 61.8% Fibonacci retracement level of the decline from $57,190 to $41,630.

Bitcoin dropped to $48,862 on Wednesday before the North American opening. Selling gained impetus after sterling plunged. The Financial Times reported that UK Prime Minister Boris Johnson is about to announce new restrictions to curb the spread of the Omicron variant. The restrictions could take effect as early as tomorrow.

The headlines look scary in debt markets. Risk aversion has set in again as virus fears are reignited. Tighter restrictions are coming in the UK, but this should not lead to the introduction of a new lockdown. Therefore, their effect should not be overly harmful.

Sellers broke through the trendline yesterday from the $41,630 low. This means that it is easier for them to move down than it is for buyers to push the price up in the absence of sizeable trade volumes. Interim support is located at $47,980.  To move higher, buyers will need to hold the $47k level until the close of Friday. A retracement above $51k would be a bullish signal for buyers.


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