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Christmas upswing fails - Bitcoin is fighting for the upward trend on the 1-year MA

 


Even if the traditional Christmas upswing fails this year, Bitcoin still has the chance to save the upward trend into the new year.


Bitcoin ( BTC ) is at a crossroads with critical support today, December 19, while time for a strong year-end close is getting scarcer.


Does the important support last?

As the data from Cointelegraph Markets Pro and TradingView show, BTC / USD is at $ 47,000 on Sunday, which is still in a well-established price range. 


At this level, Bitcoin also holds above an important support, namely the one-year moving average (1-year MA). This red line has kept the market-leading cryptocurrency on the upswing for a long time, which is why it is all the more important that it can be defended again now.


“Historically, the 1-year MA is an important crossroads, and we are right now at it again,” as crypto expert Philip Swift, co-founder of the research portal Look Into Bitcoin, explains . He adds:



"I think we will defend it successfully and soar upwards."

However, even an upswing would leave a lot of room for improvement in comparison to the daring price forecasts made by some experts at the end of the year.


Including the much-cited Stock-To-Flow (S2F) forecast model from PlanB, which admitted this weekend that its optimistic price target of 100,000 US dollars will probably no longer be achieved this year.


However , he does not yet doubt the validity of his calculation model, because despite the failed forecast, this would still be fully within the target.


Christmas upswing fails

Meanwhile, the unusual end for 2021 does not only affect the crypto market, because the traditional “Christmas upswing” is also largely absent on the other capital markets.


The latest announcements by the American central bank could cause a jump up in the short term, but overall performance in all markets fell short of expectations.


"Looks as if the typical Christmas upswing will not really kick in," as the world's chief financial officer Holger Zschäpitz the situation summarized . To this end he explains:


"The global stock market is $ 1.8 trillion this week following the US Federal Reserve's announcement and rising infection rates. US dollar market capitalization lost, which is why the market starts the year 2022 even more overvalued than it already is. Nonetheless, the stock market is still $ 118 trillion. US dollars, which corresponds to 140% of global GDP. "

In the short term, too, the omens are bad, because the Omikron variant leads to a renewed lockdown in many countries, which inevitably pulls down economic output and does not make the start of the new year any easier. 

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