Bitcoin Price Analysis — December 21

BTC recently recorded a 7.5% overnight spike, following a bullish comeback in the Turkish lira (TRY). The benchmark cryptocurrency touched the $49,000 top a few hours ago and currently shows no sign of slowdown. This bullish breakout comes following a steady decline within a bearish wedge. That said, bulls will likely capitalize on this leg up and push the benchmark cryptocurrency into the $51,500 - $50,500 pivot zone in the coming days, where they can break the current bearish hold on the market.

However, a fall below the $47,000 - $46,000 range could perpetuate the bearish bias longer and open the doors to $43,000.

Meanwhile, my resistance levels are at $49,500, $50,000, and $50,500, and my key support levels are at $48,000, $47,000, and $46,000.

Total Market Capitalization: $2.26 trillion

Bitcoin Market Capitalization: $921.1 trillion

Bitcoin Dominance: 40.8%

Market Rank: #1