The bulls failed to develop the rally that had begun before Christmas. After the price of Bitcoin climbed above $50000, it received increasing bearish pressure. We saw this when the price of Bitcoin began a correction after reaching the area of 51400. The bulls were building up power during the holidays and were able to start a new rally but were unable to break the mark of 52000. The price pushed down and dropped below $50000. The bears managed to push the price to a minimum of 48688. After that, the price began to consolidate.
During December, a range formed on the 4-hour chart of the BTC/USD pair. It supports the Bitcoin price around 45800 and limits its movement around 52000. The BTC/USD pair tried to rise above this level only three times in December.
In the current situation, the bulls need to keep the Bitcoin price above $49000. A break below this level could send to the area of the 48000 level. A move below this level will send the BTC/USD pair to the area of the lower border of the channel.
If the bulls manage not only to hold above 49000, but also to raise the price above $49500, we can expect a new attempt to rise above 50000. A breakdown of this level will allow the BTC/USD pair to easily rise to the resistance level of 50800. A movement above this level can provoke a new rise in the area of the 51800 level.