Global blockchain supervision and query platform

English
Download

Bitcoin price aims for $52K as stocks rebound fuels bullish return

 Bitcoin price aims for $52K as stocks rebound fuels bullish return WikiBit 2021-12-07 15:25

Bitcoin sets its sights on $52,000 thanks to fresh gains for BTC as Wall St. opened.

William Suberg

Bitcoin price aims for $52K as stocks rebound fuels bullish return

BTC/USD adds to its overnight gains at the Wall Street open, but punters are still betting on another price dip.

935 Total views

36 Total shares

Listen to article

0:00

Market Update

Bitcoin (BTC) attempted to crack $51,600 resistance throughout Dec. 7 as BTC/USD gained in line with an equities rebound.

Bitcoin: “The trend is still up”

Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency making repeated assaults on the $51,600 mark on Dec. 7.

At the time of writing, the latest charge was ongoing, as the Wall St. open added further bullish momentum towards $52,000. Bitcoin was up almost 6% overnight.

“Bitcoin rejecting at $51.6K. That's an important level, just like $53.5K–55.5K is,” Cointelegraph contributor Michaël van de Poppe commented earlier.

“The trend still up since the recent crash, through which $49.6K is an area that I'd like to see hold if we want to retest the $53.5–55.5K zone.”

Nerves were still palpable across crypto markets amid the broad belief that the current gains could be a so-called “dead cat bounce” and a return to lower levels awaits.

Nonetheless, the 5% price uptick appeared to do wonders for sentiment in terms of numbers, the Crypto Fear & Greed Index jumping a whole nine points to 25/100 — on the edge of breaking out of “extreme fear.”

“5% does wonders,” fellow trader and analyst TechDev added.

ETF volumes show institutions still hungry for BTC

As Contelegraph reported, appetite for buying Bitcoin has nonetheless remained throughout recent days.

Related: This Bitcoin price metric just hit ‘oversold’ for only the 7th time in 8 years

Along with a conspicuous whale account, institutional interest is also strong, as evidenced by exchange-traded fund (ETF) volumes.

“Yesterday, Purpose Bitcoin ETF had its biggest inflow since the inception,” Lex Moskovski, chief information officer of Moskovski Capital, summarized looking at the data.

“The demand is here.”

Elsewhere, open interest in Bitcoin futures also ticked up Dec. 7, having taken a serious hit as BTC/USD crashed below $42,000.

  • #Bitcoin

  • #Bitcoin Price

  • #Markets

Related News

  • Crypto Crime on the Rise — Good Odds of 2020 Becoming a Record-Breaker

  • NFT museum positioned as largest digital art display in the metaverse

  • Its time for the philanthropic sector to embrace digital currencies

  • Smart crypto policy could keep India's tech dominance on top

  • Bitcoin could 'drive people nuts' for months with $53K BTC price ceiling — analyst

  • Here‘s why analysts expect ’choppy Bitcoin price action between $42K and $53K

Editors Choice

  • Russias largest bank struggles to register its digital asset platform

  • Bitwise CIO ‘not so sure’ about Bitcoin hitting $100K in 2021

  • Third-biggest Bitcoin whale‘s holdings total $6B after ’whopping 2.7K BTC buy-in

  • Nasdaq Stockholm lists Bitcoin and Ether exchange-traded notes

  • Gibraltar's government plans to bridge the gap between public and private sectors with blockchain

Cointelegraph YouTube Subscribe

Advertise with us

Bitcoin BTC/USD

51,751 +6.00%

Ethereum ETH/USD

4,386 +6.61%

Litecoin LTC/USD

163.01 +7.79%

Ripple XRP/USD

0.84 +5.75%

EOS EOS/USD

3.31 +3.90%

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

  • Token conversion
  • Exchange rate conversion
  • Calculation for foreign exchange purchasing
/
PC(S)
Current Rate
Available

0.00