Bitcoin Technical Analysis: BTC Makes A Recovery, Pushes Above $51,000 

Daily Bitcoin BTC Price Analysis

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Last Updated December 28th 2021
6 Min Read
  • The Bitcoin price moved above $51,000 during the current session, as buyers took control of the session. 
  • BTC has been quite bullish lately and had risen by nearly 5% on Thursday. 

The Bitcoin price continued to increase as buyers pushed the price above $51,000 during the current session. BTC has been quite bullish lately and had registered an increase of nearly 5% on Thursday. BTC was able to stay in the green on Friday, registering a marginal increase, before falling back on Saturday and dropping to $50,539. Sunday saw a marginal recovery, with BTC moving to $50,858 before moving past $51,000 during the current session. 

Bitcoin Price Chart Indicates BTC Could Push To $51,500 

The Bitcoin price started the previous weekend on a fairly bullish note, rising by 2.41%. However, Sunday saw BTC fall back, ending the weekend in the red at $46,657. Monday saw BTC register a marginal recovery, rising by 0.55%, before pushing up by over 4% on Tuesday, moving above the 200-day SMA and settling at $48,875. With the 20-day SMA acting as resistance at this level, the price fell back on Wednesday, dropping by 0.85%.

Image: BTC/USD daily

BTC/USD daily chart 122821

After registering a marginal fall on Wednesday, the Bitcoin price pushed up on Thursday, registering an increase of nearly 5% and rising to $50,831 after pushing past the 20-day SMA. Friday saw BTC remain in the green, registering a marginal drop, before dropping back in the red on Saturday, falling to $50,539. The price recovered on Sunday, rising by 0.63% and moving to $50,858 before pushing past $51,000 during the current session.

We can see that the Parabolic SAR is currently bullish, indicating that the price could push higher.

Looking at IntoTheBlock’s IOMAP for the Bitcoin price, we can see that BTC has support at around $48,969. At this price level, over 2.2 million addresses have bought more than 1.1 million BTC.

Image: IntoTheBlock 

BTC/USD volume chart 122821

The 4-hour Bitcoin price chart shows us that BTC had pushed above the 20 and 50-bar SMAs on the 21st, rising to $48,860. The price continued to push up from this level, rising to $49,216 before dropping to $48,126. The 20-bar SMA was acting as support at this level, and BTC pushed up significantly, rising to $51,138 on the 23rd. At this level, the 200-bar SMA was acting as resistance, and BTC could not move past this level, eventually falling back below the 20-bar SMA and dropping to $49.822 on the 26th. BTC recovered from this level and pushed back above the 20-bar SMA, moving to its current level of $51,370.

We can see that the Parabolic SAR has just flipped to bullish, and if the price continues to increase, we could see the MACD flip to bullish as well.

Image: BTC/USD 4-hour

BTC/USD 4-hour chart 122821

Billionaire Investor, Ray Dalio Curious About NFTs, Says Bitcoin Is ‘Alternative Money’

On Lex Fridman's podcast, Bridgewater Associates head Ray Dalio recently appeared and shared his thoughts on Bitcoin. The billionaire said he sees Bitcoin as “alternative money,” reiterating that it has obtained the status of having imputed value. 

That said, this will not save or shelter BTC from the rising competition. The executive added:

“Bitcoin is part of that competition, but there will be many moneys (not just crypto money).” 

Dalio goes as far as saying that non-fungible tokens could share this blanket as well. NFTs have witnessed an enormous surge in popularity earlier this year. This is why he believes non-fungible tokens could become a standalone type of money. The American billionaire has refrained from buying any NFTs, but he remains curious.

“I definitely want to buy NFTs…This stuff (NFT) is happening, it is real…”

However, his priority remains the same. Gold is still a preferable “store-hold of wealth” since it has been “universally recognized as money” for thousands of years. The businessman pinpointed a few advantages that Gold possesses over its digital cousin.

“You can’t trace it (Gold). For BTC, you can trace it, who owns it, and so on…”

Notably, Dalio does not see Bitcoin reaching the $1 million mark. As per his analysis, the flagship cryptocurrency is worth about 20% of gold (excluding central bank ownership and jewelry). This is why Bitcoin or even cryptocurrencies will fail to surpass the precious metal.

Jihan Wu Optimistic About Crypto Market, Says ‘Innovations Like DeFi Are Breathtaking’

In a recent Forbes interview, the billionaire co-founder of Bitmain Jihan Wu said cryptocurrencies were born to be volatile. However, their growth over the long term will far outweigh their price fluctuations. He further noted:

“Even if 95% of today’s coins lose all their value and disappear, the remaining 5% will grow massively.”

Wu believes the industry will continue to develop unique innovations. Given that it is not subjected to the constraints of the traditional financial system. He said that Satoshi Nakamoto’s Bitcoin white paper opened “a new world” of opportunities. 

“Innovations like DeFi [decentralized finance] are breathtaking. Technologies like crypto and blockchain have created a new world, allowing fintech entrepreneurs to make big achievements. Eventually, traditional financial institutions and regulators will embrace blockchain technology.”

Curiously, many proponents have portrayed bullish projections for prime cryptocurrency. For instance, MicroStrategy CEO Michael Saylor recently predicted that the price of Bitcoin could reach $600,000.

In 2013, Wu teamed up with Micree Ketuan Zhan to launch Bitmain Technologies, a supplier of specialized hardware known as mining rigs. Later, he founded Matrixport back in 2019. Wu said that Matrixport currently manages assets of $10B, with an average monthly transaction volume of $5B.

Shiba Inu, Bitcoin And Dogecoin Now Accepted By World’s Largest Breast Cancer Charity

Susan G. Komen, the leading breast cancer organization, recently announced that it now accepts cryptocurrencies in partnership with donation solution The Giving Block.

The popular crypto charity platform offers a wide selection of digital assets, including such meme coins as Dogecoin (DOGE), Shiba Inu (SHIB), and Dogelon Mars (ELON). In addition, it accepts cryptocurrencies such as Gala (GALA), Orchid (OXT), and Civic (CVC).

The foundation is named after Susan Goodman Komen, a fashion model diagnosed with breast cancer at 33 and passed away three years later. Her younger sister, Nancy Brinker, founded the organization in 1980. Komen needs donations to provide health awareness education and fund research into breast cancer. Its investment in research has topped $1.1 billion since 1982.

Cryptocurrency holders are encouraged to donate crypto instead of cash since it’s more tax efficient. Notably, the Internal Revenue Service (IRS) classifies crypto as property for tax purposes. Founded back in 2018, The Giving Block has already partnered with hundreds of charities. Humanity Forward, a non-profit founded by Andrew Yang, started accepting cryptocurrencies in May.     

Earlier this month, The Giving Block announced a new service that aims to make the process of donating cryptocurrencies easier for wealthy individuals. Last month, the popular charity platform also launched 15 new funds that organize non-profits by their common cause to make it easier for donors to support them.

Bitcoin Price Is Expected To Reach These Levels

Looking at the Bitcoin price chart, we can see that BTC has pushed beyond $51,000 during the current session. If the current sentiment persists, we could see BTC push to $51,500.