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Bitcoin advances 4%

BTC edged up 0.50% to $46,914 on Monday, December 20. The $45,550 support level was held. Price action rebounded along with US stock indices. Cryptocurrencies started to turn around before the indices. The S&P 500 recovered 0.80% but closed 1.04% lower. Bitcoin rebounded 2.97% and managed to close in positive territory.

On Tuesday, December 21, the demand for risk-sensitive assets spilled over into Asian trading. Traders brushed off the sweeping surge in Omicron cases, reacting positively to Beijing’s actions aimed at assisting distressed real estate companies.

By the time of writing, the BTCUSD pair recovered to $49,066. Buyers broke out of the first major resistance level at $47,700 and this is just the start. The second resistance was the trendline ($48,800) from the top of $51,954. After this, there are several other levels that need to be taken out in order to reverse the bearish trend.

The upper bound of the current range is located at $51,200-$51,950. If buyers can break out of it, BTC stands a small chance of retracing to $55k by year-end.

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