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Bitcoin price falls below $ 50,000 again - bull market called off?

 


The Bitcoin price could not break the resistance and has fallen back below $ 50,000 in the past few hours. With that we couldn't see the potential rally towards $ 60,000. Does this mean that the bull market has ended for the first time in the next few weeks?

Bitcoin price: resistance at $ 51,000

After the Bitcoin price had been falling more and more since mid-November, we experienced stronger price rises for the first time in the last few days. The price rose from $ 46,000 to $ 51,000. At this point, the Bitcoin encountered stronger resistance that the cryptocurrency was unable to actively break.

A breakthrough would have made it likely that the Bitcoin price could rise again at the end of the year. I had already mentioned that with an optimal price development it could even come to a price of 60,000 dollars by the end of the year.

Bitcoin price drops below $ 50,000 again

In the last few days, the Bitcoin price moved at the mentioned mark of $ 51,000 and in some cases rose to a peak of $ 51,700. But the resistance could not be broken in the end. As a result, the most important cryptocurrency fell below the $ 50,000 mark again. 

The question now is whether the setback at the upper resistance will cause the Bitcoin price to fall more sharply again. Some analysts have suggested that $ 46,000 a week ago is still not the bottom for the last few weeks' corrections. Accordingly, there is a risk of another massive drop in the rate to $ 40,000.

Bitcoin Whale is more active in the market again

Most recently, the activity of the large Bitcoin whales on the market increased again. These played in the massive crash on "Black Friday" when the Bitcoin price fell from $ 57,000 to $ 47,000 within one day. These whales could sell out again in order to accumulate more bitcoins again in the near future.

The coming days will show how the activity of these big names affects the market. The fundamentals are still extremely positive. At a certain point, even speculators find it difficult to go against the market trend. The next few days will show in which direction the Bitcoin course is headed.

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