Bitcoin nears $50K — Here are the BTC price levels to watch next

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Bitcoin (BTC) neared $50,000 on Dec. 22 as hopes started to appear that the value correction might be over.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Get bullish as soon as $50,500 breaks — Analyst

Knowledge from Cointelegraph Markets Pro and TradingView confirmed BTC/USD hit highs of $49,600 on Bitstamp — its highest since Dec. 13.

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A cross-crypto boost from turmoil within the Turkish lira Monday lingered in spirit as Bitcoin and altcoins stayed larger, with consideration now specializing in the brand new yr and worth ranges above $50,000.

“The primary breakthrough has occurred on Bitcoin. However, we nonetheless want to interrupt sufficient ranges to state that we’re bullish,” Cointelegraph contributor Michaël van de Poppe declared in a single day.

“General, a breakthrough at $50.5-51.5K and I’m satisfied. Additionally, 2022 ought to turn out to be an excellent yr total.”

With $50,000 constituting psychological resistance, others turned to on-chain metrics for additional proof of underlying energy on Bitcoin.

Amongst them was fund supervisor Dan Tapiero, who famous bullish alerts on the shifting common convergence divergence (MACD) indicator in what has traditionally been a time to purchase.

“Rallies begin when least anticipated/when drained bulls surrender,” he summarized.

MACD includes the connection between two exponential shifting averages on BTC/USD, and a rebound from a downtrend has preceded worth run-ups.

BTC/USD 1-day candle chart (Bitstamp) with MACD. Supply: TradingView

The final time the purchase sign appeared was on the finish of September, proper earlier than Bitcoin rose to high new all-time highs simply over one month later.

Sentiment index nearly doubles

In additional encouraging indicators for buyers, altcoins started posting extra vital every day features by Wednesday.

Associated: Price analysis 12/20: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE

Ether (ETH), the most important altcoin by market capitalization, maintained $4,000, whereas standout Terra (LUNA) was up 16% on the time of writing.

Ripple’s XRP token traded up 9%, with not one of the high 10 cryptocurrencies by market cap within the crimson.

“If I’d need to place myself nicely, I’d need to purchase into crypto at this stage,” van de Poppe added.

“The sentiment remains to be not the perfect, whereas many altcoins are down so much, some even 80% since their ATH. The adoption is even rising and price-wise, these cash are in heavy assist zones.”

The Crypto Fear & Greed Index noticed a big uptick in a single day, leaping from 27 to 45 however nonetheless characterizing the market as being in “worry” mode.

Crypto Worry & Greed Index. Supply: Various.me