Bitcoin continued to struggle below the critical USD 50,000 resistance level on Thursday. The short-term downtrend over the past month remains in effect, which could limit further upside beyond $50,000-$60,000.
The famous cryptocurrency is down about 4% over the past 24 hours, although support at around the 200-day moving average (now at $46,500) could stabilize the current pullback.
BTC buying activity remains weak despite several oversold signals on the charts. This situation reduces the chance of a significant price increase heading into January, especially given the loss of upside momentum on the weekly and monthly charts.
Bitcoin may face another 20% plunge in coming weeks, as risk is heightened one week ahead Fed\u2019s monetary policy meeting.
The world\u2019s most prominent digital currency was valued close to $49,800 early this morning, before briefly climbing above $50,350 hours later. However, it subsequently dropped below $50,000, and it has been trading in the red territory of that price since then. This afternoon, the cryptocurrency fell to as little as $47,537.66, its lowest since Monday.
The price of Bitcoin has traded in the negative for the most part of Thursday, a move that is in sharp contrast to the positive fundamentals the Bitcoin market is currently recording.
Taking a look beyond the price, institutional investors that consider Bitcoin as their safe-haven assets are still buying, as in the case of MicroStrategy who just scooped additional 1,434 units of the cryptocurrency.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin continued to struggle below the critical USD 50,000 resistance level on Thursday. The short-term downtrend over the past month remains in effect, which could limit further upside beyond $50,000-$60,000.The famous cryptocurrency is down about 4% over the past 24 hours, although support at around the 200-day moving average (now at $46,500) could stabilize the …<\/p>\n","protected":false},"author":13,"featured_media":53219,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[40,36],"tags":[6904,6903,6885,8168],"class_list":["post-56599","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-cryptocurrencies","category-market-updates","tag-bitcoin","tag-cryptocurrencies","tag-fed","tag-safe-haven"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/56599","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=56599"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/56599\/revisions"}],"predecessor-version":[{"id":56603,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/56599\/revisions\/56603"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53219"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=56599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=56599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=56599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}