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Cryptocurrencies rally as Bitcoin breaks back above $50,000

Cryptocurrency Dec 24, 2021 04:50
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© Reuters.

By Samuel Indyk

Investing.com – It was an early Christmas present for cryptocurrency HODLers on Friday morning as the price of Bitcoin broke back above $50,000 and took other major coins with it.

The second-largest cryptocurrency by market cap, Ethereum, traded back above $4,000.

Risk appetite

Bitcoin was benefitting from the improving risk sentiment as it traded above $50,000 for the first time since 13th December.

Yesterday, the S&P 500 closed at another record high as studies showing the Omicron variant appears to result in less severe illness than previous strains were cheered by the market.

Technical Analysis

Bitcoin remains sandwiched between the 200-day moving average at $47,400 and the 100-day moving average at $56,650.

The 50-day moving average at $55,200 is close to crossing below the 100-day moving average. When a shorter term moving average crosses below a longer term moving average it is known as a ‘death cross’ which often indicates a bearish trend. However, the most common moving averages used are the 50-day moving average and the 200-day moving average.

Since hitting its all-time high in November, Bitcoin had been trading within a descending channel, apart from the flash crash on 4th December.

However, the world’s largest cryptocurrency has now broken above the trend line and also its 21-day moving average of $48,650.

If Bitcoin can hold above $50,000 for now, this may suggest that further upside could be ahead throughout the holiday period.

Cryptocurrencies rally as Bitcoin breaks back above $50,000
 

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