Cryptoanalyst Lark Davis has revealed that Bitcoin may be poised for fresh gains after breaking out of its recent downtrend.
Today, Bitcoin regained the $51K mark after dropping to lows of $49,670. As of press time today, Bitcoin was trading at $51,598. Since December 23, today is the fourth day Bitcoin has been trading above $50K.
The $50K support is noted by Santiment:
“With Bitcoin back over $51k, the sentiment from traders has shifted back into positive range. As expected, $50k has become somewhat of a psychological support level, where traders become optimistic when above this threshold, & skeptical when below.”
According to Glassnode, another on-chain analytics firm, The amount of ”Lost or HODLed Coins’ has reached 7.25 million BTC. These HODLed or Lost Bitcoins reveal the movement of old and large stashes, which indicates an increment in out-of-circulation tokens.
An uptick in this indicator reveals that an increase in the price of Bitcoin all year long, and expectations for other upside moves, might have caused these traders to hodl their BTC token.
Bitcoin bulls and bears keep battling towards $52,000, with an uneven risk appetite causing fear among investors. However, the prospects of a BTC rally beyond here and into the new year remain favorable as the chances of a local drop diminish.
Bitcoin price has increased by over 3.5% in 24 hours, which indicates that the rally may continue.
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Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.