Market Analysis

Bitcoin battles bears ‘on offense’ as Christmas delivers a $50K BTC gift

It’s not all doom and gloom for Bitcoin bulls this year — gains are still 100% versus last Christmas.

Bitcoin (BTC) held $50,000 into Dec. 25 as BTC bulls avoided an unwelcome Christmas Day surprise.

Bitcoin battles bears 'on offense' as Christmas delivers a $50K BTC gift

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

“Bears become bulls” short term?

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD maintaining $50,000 support into the weekend, having ranged after local highs above $51,500.

The pair was calm as the holiday season got underway, with thinner liquidity yet to show itself in the form of volatile price moves.

With most taking a break from trading and analysis, the nearest target to the upside remained the $1 trillion market cap valuation level at $53,000.

For popular trader Pentoshi, a point of friction could come in the form of sellers actively driving down BTC/USD to liquidity at $46,000, only to then buy back in for a rebound.

“Right now beras on offense. They take price down to 46k but there was a lot of resting liquidity there = stop price from moving. They begin to close shorts and buy some spot back,” he offered as a forecast.

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While $135,000 this month, a forecast from the newly invalidated floor model, turned out to be overly optimistic, that figure as an average price this halving cycle remains in play.

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