Bitcoin (BTC) attempted to crack $51,600 resistance throughout Dec. 7 as BTC/USD gained in line with an equities rebound.
BTC/USD 1-hour candle chart (Bitstamp). Source: TringView
Bitcoin: “The trend is still up”
Data from Cointelegraph Markets Pro and TringView showed the largest cryptocurrency making repeated assaults on the $51,600 mark Tuesday.
At the time of writing, the latest charge was ongoing, as the Wall St. open ded further bullish momentum towards $52,000. Bitcoin was up almost 6% overnight.
“Bitcoin rejecting at $51.6K. That’s an important level, just like $53.5-55.5K is,” Cointelegraph contributor Michaël van de Poppe commented earlier.
“The trend still up since the recent crash, through which $49.6K is an area that I’d like to see hold if we want to retest the $53.5-55.5K zone.”
Nerves were still palpable across crypto markets amid bro belief that the current gains could be a so-called “de cat bounce” and that a return to lower levels awaits.
Nonetheless, the 5% price uptick appeared to do wonders for sentiment in terms of numbers, the Crypto Fear & Greed Index jumping a whole nine points to 25/100 — on the edge of breaking out of “extreme fear.”
Crypto Fear & Greed Index. Source: Alternative.me
“5% does wonders,” fellow trer and analyst TechDev ded.
ETF volumes show institutions still hungry for BTC
As Contelegraph reported, appetite for buying Bitcoin has nonetheless remained throughout recent days.
Related: This Bitcoin price metric just hit ‘oversold’ for only the 7th time in 8 years
Along with a conspicuous whale account, institutional interest is also strong, as evidenced by exchange-tred fund (ETF) volumes.
“Yesterday, Purpose Bitcoin ETF h its biggest inflow since the inception,” Lex Moskovski, CIO of Moskovski Capital, summarized looking at the data.
“The demand is here.”Purpose Bitcoin ETF flows annotated chart. Source: Lex Moskovski/ Twitter
Elsewhere, open interest in Bitcoin futures also ticked up Tuesday, having taken a serious hit as BTC/USD crashed below $42,000.
Bitcoin open interest chart. Source: Coinglass
META ARTICLE: Bitcoin price aims for $52K as stocks rebound fuels bullish return PUBLISHED: 2021-12-07 15:25:27 SOURCE: https://cointelegraph.com/news/bitcoin-price-aims-for-52k-as-stocks-rebound-fuels-bullish-return