It was on December 5, 2021, when the price of Bitcoin almost came close to the $50,000 per BTC figure. It has happened because the investors have started acquiring Bitcoin during its dip.
The data from TradingView and Cointelegraph Markets Pro has provided more information surrounding Bitcoin. The data shows that the price volatility of Bitcoin against the USD was very less when it reached a price figure of $49,777 per BTC. However, after coming close to hitting the $5,000 per BTC figure, the situation ended up getting defused.
It was just Saturday, December 4, 2021, when the price of Bitcoin dropped all the way down to $41,900 per BTC. However, the competition between the digital asset and USD came to a balance. It happened as the investors grasped the situation and started building their trust in Bitcoin.
It was just a day earlier than Friday when BTC had suffered a great dip as a result of the Chinese regulatory action on the entire crypto-sector.
As the price of BTC fell below the $45k per BTC figure, the investors turned bearish and started selling Bitcoin. While the majority of the analysts were sharing concerning predictions about Bitcoin, it surprisingly started coming back up.
The data shows that the investors started buying Bitcoin while it experienced a huge dip. This helped Bitcoin recover from a low of $45k per BTC. Even the entire Bitcoin community was surprised and shocked to see how the investors started pouring in money as Bitcoin’s price went down.
The data from TradingView shows that the price of Bitcoin currently has a lot of support. It is because of the support from investors that the price of Bitcoin is finding strong support, which will help it cross the $50,000 per BTC figure soon.
As of now, the price of Bitcoin is revolving around $49k per BTC figure with a market valuation that is worth $926.88 billion. The Cointelegraph Market Pro report shows that the sentiments of investors are high for Bitcoin.
Due to the high sentiments from investors, the price of Bitcoin may soon cross the $53,000 per BTC figure. This would also help Bitcoin cross the $1 trillion market in the upcoming days.
Although the investors were going with the 200-day exponential moving average (EMA) for Bitcoin, they had not taken the Saturday dip into consideration. Prior to the BTC dip, the largest cryptocurrency was on the right track for going with the 200-day EMA that supported Bitcoin’s price from August 2021.
Despite the efforts made by the investors, the graph for Bitcoin shows that it may end up facing another dip. This is because the investors may end up losing their confidence in the price of Bitcoin and it may drop even further. If that happens, the price of Bitcoin may fall below the $42k per BTC trendline.