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BTCUSD: buyers zero in on $50k

Bitcoin rose 4.5%, to $49,102 on Tuesday, December 21. The gains were driven by risk appetite after a pullback in the previous session. Since Bitcoin has been locked in a side trend for a long time, strong buying activity was seen during the Asian trading session. The dynamics of US index futures was a tailwind for the cryptocurrency market, with the S&P 500 up 1.78%.

Price action slowed during the North American session, while buyers managed to retrace to the trendline (starting from the top of $68,990). On Wednesday, December 22, buyers have been jumping in near that line on their way to $50k (resistance in terms of volume). The upper bound of the sideways trend starts at $51,200.

BTC buyers are leveraging the uptrend in stock indices to pump the price action up to the psychologically important $50k level in a bid to keep the market bullish until the North American trading session opens.

In the global FX market, the DXY fell from 98.58 to 92.29. Volumes are thinning out in the run-up to Christmas holidays in the US and Europe. Buyers will need a show of strength to break out of the trendline and the $49,499 sideways trend (December 15 high). Meanwhile, support is located at $48,100.

 

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