For the fourth day in a row, the BTC/USD pair has been trading around the 50000 mark, from time to time unsuccessfully trying to climb higher and gain a foothold. Yesterday’s attempt was also unsuccessful. After a sharp rise above 5000 and reaching a high of 51249, the bulls lost their strength and gave up the initiative to the bears. As a result, the bears brought the BTC/USD pair back below 50000. At the time of publication, the BTC/USD pair is trading around 49150.
Despite the fact that the BTC/USD pair dipped below the 100-hour moving average, it formed support around 49100. This level has already provided support for the pair on December 8. Also, the BTC/USD pair remains trading in the ascending channel, which has been forming since December 4.
Current trading demonstrates that the bulls have enough strength to push the Bitcoin price above 50000, but not enough to hold it. In the current situation, the bulls need to overcome not only the 50000 level, but also the resistance level of 50800 to start a recovery. However, after that, the bulls will meet another resistance level of 51800. This level prevented the bulls from starting a stable recovery on December 7. If successful, the BTC/USD pair will remain in the ascending channel and will be able to rise to the upper border of the ascending channel of 53800.
Another unsuccessful attempt to gain a foothold above 50000 may start a new correction. But this time, the BTC/USD pair may fall below the support level of 49100 and the lower boundary of the ascending channel of 48900. In this case, we will see a decline in the BTC/USD pair to the area of 48000 and further to 47400.