Bitcoin remains under pressure. Main cryptocurrency broke below the mid-term upward trendline at the beginning of December and the downward move has slowed slightly later on. Coin tested the $47,000 area a few times but failed to make a more decisive break below. After erasing a small bounce made earlier this week, Bitcoin is once again testing $47,000 that marks the lower limit of the support zone, along with 200-session moving average (purple line).This area has halted downward moves recently but in case it is breached, declines may deepen towards the next major support - zone ranging around $41,500.
Bitcoin and other cryptocurrencies were underperforming other risk assets recently, like for example equities. However, it should not come as a surprise as stocks have been historically strong in the final month of the year while December is one of the worst months for cryptocurrencies.
Source: xStation5
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