Bitcoin Technical Analysis: BTC Drops By over 5% on Thursday As Markets Experience A Blip 

Daily Bitcoin BTC Price Analysis

Last Updated December 10th 2021
3 Min Read
  • On Thursday, the Bitcoin price dropped considerably after a fairly uneventful week that did not see much price movement over the past couple of sessions. 
  • The current session has seen a recovery, as the price looks to push back to $50,000. 

The Bitcoin price registered a positive start to the ongoing session as the price looks to recover from yesterday’s drop. BTC had started the week on a fairly positive note, as the price rose to $50,142 on Monday. Tuesday did not see much movement, as the price registered a marginal increase, with the same occurring on Wednesday. However, Thursday saw a significant drop, as BTC fell by over 5%, slipped below $50,000, and settled at $48,042. 

Bitcoin Price Chart Indicates BTC Could Push To $50,000

The Bitcoin price started the previous week reasonably positively, rising by 0.47% on Monday. On Tuesday, the price fell back, dropping by 1.44%, and then registered a marginal increase on Wednesday, taking the price to $57,229. However, after reaching this level, the price turned bearish, dropping 1.04% on Thursday and then falling by over 5% on Friday to drop the price to $53,752. The weekend remained bearish for BTC, as Saturday saw an even bigger drop of over 7%, falling below $50,000 to $49,683.

Image: BTC/USD daily

BTC/USD daily chart 121021

The Bitcoin price remained in the red on Sunday, although it registered a drop of just 0.90%. However, the current week started positively, as BTC rose by 1.84% on Monday, moving back above $50,000 and settling at $50,142. Tuesday and Wednesday did not see much movement in price, as BTC registered only a marginal increase before dropping by over 5% on Thursday and settling at $48,042.

The current session sees the price looking to push back to $50,000. If the price does push higher, we could see the Parabolic SAR flip to bullish.

Looking at IntoTheBlock’s IOMAP for the Bitcoin price, we can see that BTC faces strong resistance at around $54,979. At this price level, 1 million addresses have sold more than 569,000 BTC.

Image: IntoTheBlock 

BTC/USD volume chart 121021

The 4-hour Bitcoin price chart shows us that BTC had dropped significantly on the 4th when the price dropped to $46965. BTC pushed up marginally from this level, rising to $49,848, and was able to stay at this level until the 7th, when it pushed past the 20-bar SMA and settled at $51,783. BTC could not stay at this level and fell back to $49,224, slipping below the 20-bar SMA and dropping further to $47,595.

Currently, BTC is at $48,300, and if the price recovers and pushes back towards $50,000, we could see the MACD flip to bullish.

Image: BTC/USD 4-hour

BTC/USD 4-hour chart 121021

Bitcoin Price Is Expected To Reach These Levels 

Looking at the Bitcoin price chart, we can see that it had recorded a significant drop on Thursday. With buyers returning to the market, we could see the price push back towards $50,000.