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Bitcoin price aims for $52K as stocks rebound fuels bullish return

Bitcoin price aims for $52K as stocks rebound fuels bullish return

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
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