BTC met some intense resistance at the $51.4K pivot top and has recorded a sharp correction, following a prolonged consolidation around that area. The benchmark cryptocurrency now rapidly approaches the $48.5K support as bulls lose control over the market. That said, a price sighting at $48.5K could warrant additional correction to the $48K psychological level. However, I expect the daily 200 SMA line at that level to prevent any sustained bearish move and repel the price back into $50K territory. Nonetheless, trading volume as momentum remains considerably low amid the holidays, which should reduce sharp price movements.
Meanwhile, my resistance levels are at $49,500, $50,000, and $50,500, and my key support levels are at $48,500, $48,000, and $47,000.
Total Market Capitalization: $2.30 trillion
Bitcoin Market Capitalization: $926.5 trillion
Bitcoin Dominance: 40.3%
Market Rank: #1
Meanwhile, my resistance levels are at $49,500, $50,000, and $50,500, and my key support levels are at $48,500, $48,000, and $47,000.
Total Market Capitalization: $2.30 trillion
Bitcoin Market Capitalization: $926.5 trillion
Bitcoin Dominance: 40.3%
Market Rank: #1