Bitcoin closes the week over $50,000, but then fades
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The BTC price has faded back under US$50,000 after hitting a four-day high of $50,800 overnight.
At lunchtime (Sydney time) BTC was trading for $49,188, down 0.7 per cent from yesterday having only sustained the move over $50k for about seven hours.
“All in all, nothing has really changed in the grand scheme of things,” posted Bitcoin analyst Bitcoin Charts. “We’re still sort of in this state of limbo.”
Traders should even be wary of a meaningful move to the upside, as it has the possibility of being a dead cat bounce, he wrote.
But others saw hope with the weekly close at 11am AEDT (midnight UTC), which saw BTC print a small green candle.
— Benjamin Cowen (@intocryptoverse) December 13, 2021
Ethereum was changing hands for US$4,063, down 0.4 per cent from yesterday.
Sydney-based City Index analyst Tony Sycamore wrote in his morning note that his medium-term view was that Ethereum had completed its corrective pullback, and that the uptrend had continued “looking for a push towards $5,200 into year-end”.
Terra was the biggest move in the top 10, rising 5.1 per cent to $61.47.
Overall the crypto market was at $2.38 trillion, down 0.4 per cent from 24 hours ago.
None of the top 100 coins had made a double-digit move, a rarity in the normally volatile crypto markets.
Near Protocol was the biggest loser, falling 9.5 per cent to $10.37.
Convex Finance was the biggest gainer, rising 6.0 per cent to $28.64.