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However, analysts remain bullish for 2022. Antoni Trenchev, managing partner of crypto lender Nexo, forecasts Bitcoin to reach $100,000 by the end of June as he expects accommodative central bank policy to continue. Trenchev said: “Cheap money is here to stay which has huge implications for crypto,” as “the Fed doesn’t have the stomach or backbone to withstand a 10%-20% collapse in the stock market, along with an adverse reaction in the bond market,” Bloomberg reported.

It isn’t that everybody is bullish on Bitcoin in the short term. Veteran trader Peter Brandt recently tweeted that Bitcoin’s bottoms usually occur after “high volume panic capitulation” and that has not yet happened.

Bitcoin turned down from the overhead resistance at £39,299 and plunged below the 200-day simple moving average on December 29.

The bulls have managed to defend the £34,031.76 support for the past few days but their failure to sustain the rebound above the 200-day SMA indicates selling by the bears at higher levels.

The downsloping 50-day SMA and the relative strength index (RSI) in the negative territory suggest that the path of least resistance is to the downside.

If bears pull the price below £34,031.76, the BTC/GBP pair could resume its down-move. The first support on the downside is £30,000 but if this level gives way, the decline could extend to £26,845.

The first sign of strength will be a break and close above £36,000. Such a move will suggest that bulls accumulated on dips to £34,031.76. The pair could then rise to £39,299 where the bears may again mount a strong resistance. A break and close above this level will indicate that the downtrend could be over.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

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The US equity markets are witnessing a Santa rally but Bitcoin has been left behind as it has been trading near the $50,000 level for the past few days. As the year comes to an end, the focus shifts to what Bitcoin could achieve in 2022.

Mexico’s third-richest person Ricardo Salinas Pliego in his Twitter message called out fiat currencies, the Dollar, the Euro, or the Yen as “fake money made of paper lies.” He told investors to “steer clear of fiat money” and “invest in Bitcoin.”

Bitcoin broke and closed above the downtrend line on December 23 but the bulls could not sustain the momentum and push the price above the overhead resistance at £39,299.

This suggests that bears have not yet given up and are selling on rallies. The BTC/GBP pair has turned down from the overhead resistance and could now drop to the 200-day simple moving average.

The downsloping 50-day SMA and the relative strength index (RSI) in the negative zone indicate that bears are in control. If bears pull the price below £34,000, the
selling could intensify and the pair could extend its downtrend. Alternatively, if the price rebounds off the 200-day SMA or the support at £34,000, it will suggest that bulls are aggressively buying at lower levels. The pair could then remain range-bound between £39,299 and £34,000 for the next few days.

A break and close above £39,299 and the 50-day SMA will indicate that the downtrend could be over. The pair could then rally to £45,000 and later retest the all-time high at £51,000. We will wait for the price to break and sustain above £39,299 before recommending a trade in it.

Lastly please check out the advancement’s happening in the cryptocurrency world.

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Several investors were hoping for a blow-off rally in the final month of the year, but the markets had other plans. Bitcoin plunged on December 4, dragging the entire
crypto markets lower. The total crypto market capitalisation plunged from over $3 trillion on November 9 to about $2.4 trillion on December 6, according to Coingecko data.

However, early reports that the Omicron variant may be less lethal than previous variants may improve sentiment, resulting in a relief rally in Bitcoin.

The failure of the bulls to push Bitcoin above the 20-day exponential moving average (EMA) between November 29 to December 1 showed that bears are defending this level aggressively. This may have prompted selling from traders who had purchased the dip to the 100-day simple moving average (SMA). The selling intensified on a break below the 100-day SMA and the BTC/GBP pair plunged to £34,031.76.

The long tail on the day’s candlestick shows that bulls aggressively purchased the dip. But a minor negative is that buyers are struggling to sustain the bullish momentum at higher levels.

This indicates that demand dries up at higher levels. The 100-day SMA, which had been acting as a strong support till now is likely to turn into a stiff resistance.
If the price turns down from the 100-day SMA, the pair could retest the December 4 intraday low at £34,031.76. A break and close below this level could pull the pair to £30,000.

The downsloping 20-day EMA and the relative strength index (RSI) in the negative zone indicate that bears have the upper hand. This bearish view will invalidate on a
break and close above the 20-day EMA.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

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Despite the slight downturn, the institutional adoption of Bitcoin continues to increase. Filings with the United States Securities and Exchange Commission show that four wealth management firms have bought shares in Grayscale’s Bitcoin Investment Trust.

A survey of about 42,000 people in 27 countries by product comparison website Finder showed a high adoption rate in Asia. Among the countries polled, Vietnam had the highest adoption rate at 41%, while India and Indonesia had a 30% adoption rate.

Bitcoin’s rally has stalled in the past few days but select altcoins such as Z-Cash, Avalanche and Crypto.com coin CRO have risen sharply. This suggests that traders are focusing on coin-specific stories while Bitcoin takes a breather.

Bitcoin plunged below the 50-day simple moving average (SMA) on November 18 but the bulls successfully defended the critical support of £41,931 on November 19.

However, the subsequent rebound fizzled out just above the 50-day SMA, indicating that bears are selling on rallies. The BTC/GBP pair turned down on November 21 and the price has dipped back to the support at £41,931.

The moving averages are about to complete a bearish crossover and the relative strength index (RSI) is in the negative zone, indicating that the path of least resistance is to the downside.

If the pair breaks and closes below £41,931, the selling could intensify and the decline could extend to £38,000.

Contrary to this assumption, if the price rebounds off the current level, it will suggest strong accumulation on dips. The bulls will have to push and sustain the price above the moving averages to indicate that the selling pressure has reduced. The pair could then rise to the overhead resistance at £48,426.53.

We do not find any reliable setups, hence we are not recommending any trade in it.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

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- QuiverX

- $Fren

- Mirai

- Feedcoin

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There is no denying that the current crypto and blockchain market is experiencing a surge in demand, with new cryptocurrencies and their subsequent values creating plenty of buzzes. According to an Allied Market Research report, the global crypto market will likely record a 12.8% CAGR growth rate between the years 2021-2030.

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