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Bitcoin price heading towards US $ 52,000: stock recovery boosts crypto market



Bitcoin ( BTC ) climbed to resistance at $ 51,600 on December 7th. There was also a noticeable recovery in the stock market.


Bitcoin: "trend still persists"

According to data from Cointelegraph Markets Pro and TradingView , the largest cryptocurrency rose repeatedly to $ 51,600 on December 7th.


At the time of going to press, the couple is trying again. The market gained further momentum with the opening of the US stock market. Bitcoin rose nearly 6 percent overnight.


"Bitcoin declines at $ 51,600. This is an important level, as is the range between $ 53,500 and $ 55,500," said Cointelegraph employee Michaël van de Poppe .


"The trend has persisted since the most recent slump. I would like it to hold the $ 49,600 level and then retest the zone between $ 53,500 and $ 55,500."

The nervousness in the crypto markets is still noticeable, as it is generally assumed that the current price increases could be a so-called "dead cat bounce" and that a further decline is imminent.



Nonetheless, the price increase of 5 percent had a positive effect on the mood, because the Crypto Fear & Greed Index jumped a whole nine points to 25/100 and is thus on the verge of an outbreak of "extreme fear".


"5 percent works wonders," as the analyst TechDev said .


ETF volume: Institutional investors keep buying Bitcoin

As Contelegraph reported, the demand for Bitcoin has nonetheless continued unabated in the last few days.



A whale account caught the eye this week, but interest from institutional investors remains high, as the volume of exchange-traded funds (ETFs) shows.



"Yesterday, the Purpose Bitcoin ETF had the largest inflow since it was founded," said Lex Moskovski, head of information at Moskovski Capital, using the data to summarize


Open interest in Bitcoin futures rose a bit on December 7th after falling sharply to below $ 42,000 in the Bitcoin slump .

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