Bitcoin (BTC) prepared a showdown with a key moving average (MA) price trend on Dec. 19 with time running out for a strong 2021 close.
“I vote we bounce and stay bull”
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading at $47,000 on Dec. 19, still firmly in an established range.That price is currently the location of Bitcoin’s one-year MA trendline, an important historical line in the sand that has enabled considerable upside if BTC/USD preserves it as support.”The 1yr MA is a pretty important bitcoin bull/bear pivot level historically and we are sat right on it now,” Philip Swift, creator of on-chain data resource Look Into Bitcoin, commented. A bounce would still leave a vast amount of ground to recover to post an end-of-year closing price even slightly in line with previous bullish expectations.Among them are those of stock-to-flow model creator PlanB, who at the weekend acknowledged that his $100,000 target for 2021 was unlikely to hit.He added that he would not be abandoning his models, which remain valid despite recent events.Bitcoin needs a small miracle for a 100K Christmas. Will I ditch S2F model if this does not happen? Nah, I actually like being at the lower bands. In fact I published the model at the lower bands in March 2019 with btc below 4K. pic.twitter.com/L1m0jFGNYM
No “Santa rally” for macro this year
The unusual end to 2021 has also impacted traditional markets, meanwhile, with the classic “Santa rally” nowhere to be seen last week.Related: Analyst lists 21 factors calling for Bitcoin price upside — But just 4 bearish signalsComments from the United States Federal Reserve provided a short-lived performance boost, but overall, progress has been limp compared to earlier in the year.”Look as if mkts not staging typical Santa Rally,” markets commentator Holger Zschaepitz concluded. The immediate outlook was no more favorable, with the coronavirus omicron variant sparking fresh economic shutdowns set to last into the new year.