BTC in trouble IF weekly can't close above 47.5K

17.12.2021, 4PM UTC. The blue line on the chart is the 50 weekly MA, which is known to be a crucial support during bull runs: if the current weekly candle, which is ending in 2 days (on 19.12), cannot close above the current price level of the 50W MA, chances are that the current bull run will be over. Currently, BTC is on full auto-pilot mode with the NASDAQ/Dow Jones indices, meaning that the short term fate of BTC completely depends on how those indices perform. Wednesday's Fed announcements left stock market traders with mixed feelings regarding how the Fed's decision is supposed to influence the market. An expert on Yahoo Finance indeed pointed out that the strong bounce to the upside on Wed followed by yesterday's dip was a result of traders misinterpreting the actual consequences of the Fed's plans about interest rates on Tech stocks. But as another expert pointed out on YF, as long as there's liquidity in the market we will see new highs, although it's not likely to last beyond Feb-March. Will BTC manage to establish a new ATH by then? If the stock market reacts positively today and on Monday, and that BTC closes ABOVE the 50W MA then I'd say yes. But one's thing for sure, the next few days are going to be truly crucial for BTC (for real this time.).

Finally, as a side note of technical analysis, using WyckoffMode 's phoenix indicator we see that if the weekly candle doesn't close above the 50MA with the green and white energy going up HARD then the red RSI will close WELL below level 50 and very likely trigger a long-term downward trend, calling the end of the bull run.