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The Crypto Daily — December 5th, 2021 — Movers and Shakers
Following Saturday’s lengthy sell-off, a Bitcoin rally back to $50,000 would provide some relief to the larger market.
Bitcoin (BTC) fell 8.23 percent against the US dollar on Saturday. Bitcoin concluded the day at $49,249, down 5.01 percent from the previous day.
A mixed start to the day saw Bitcoin soar to an intraday high of $53,879 in the early morning before reversing. Bitcoin fell to a mid-morning intraday low of $41,634 after falling far short of the first significant resistance mark at $57,080.
Bitcoin fell through the 23.6 percent FIB of $53,628, the day’s main support level, and the 38.2 percent FIB of $44,144 during the lengthy sell-off.
Bitcoin, however, found mid-morning support and recovered to $49,000 levels. Bitcoin has retested the third major support level of $41,674 and the second major support level of $47,940.
The modest rebound also saw Bitcoin re-enter the 38.2 percent FIB of $44,144, ending the day at $49,200.
Despite the recent retreat to $41,000 levels, the near-term bullish trend has stayed intact. To develop a near-term negative trend, Bitcoin would need to fall through the 62 percent FIB of $28,814 on a consistent basis.
