Bitcoin Price Analysis — December 23

Following its recovery over the bearish momentum catalyzed by the multi-week-long descending trendline, Bitcoin has fallen into a sideways bias as bulls lack the strength to push beyond the $49,500 resistance. That said, the benchmark cryptocurrency needs to secure its footing above the $48,000 support to sustain the renewed upbeat bias. With the 50 SMA currently below the price, it remains unlikely that BTC would record a sustained decline below the psychological support. Moving on, all eyes are now set on the $50,000 top, as analysts remain divided on a possible “Santa Claus” rally.

Meanwhile, my resistance levels are at $49,500, $50,000, and $50,500, and my key support levels are at $48,000, $47,000, and $46,000.

Total Market Capitalization: $2.28 trillion

Bitcoin Market Capitalization: $920.9 trillion

Bitcoin Dominance: 40.5%

Market Rank: #1