Key Takeaways
- Bitcoin's value has begun increasing after building a base of over $46,000.
- BTC/USD consolidated after reaching within $400 of $50,000 overnight
- A Canadian website seeks to reveal Shytoshi Kusama's genuine identity
There was a significant advance above the $48,000 resistance zone and the 21 simple moving average (H1).
Even though the price rose above $49,000, the bears were aggressive, near $49,500. It is presently correcting downward and is trading below $49,000. There was a break below a significant ascending channel on the hourly chart, with support near $48,900.
Related post: Crypto economy drops 3% overnight; Bitcoin plunges below $46k](https://remitano.com/btc/ng/post/28061-crypto-economy-drops-3-percent-overnight-bitcoin-drops-below-%2446k)
There is, nevertheless, significant support near $48,000. If the bitcoin price rises above $48,000, it may break beyond the $50,000 barrier.
Ether has broken through the $4,000 barrier level and is now trading in the green. On the other hand, the bears are defending the $4,060 resistance level. It's now on the decline, trading below $4,020.
On the hourly chart, there was a break below a connecting bullish trend line at $4,020 and the 21 simple moving average (H1). On the downside, a key support level is emerging near $3,900.
To go rising, the price of ether must break over the $4,060 resistance level. If not, a move below the $3,900 support zone is possible soon.
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Bitcoin's Santa bounce is on pause as a hedge fund predicts a 'short squeeze' in the new year.
Things may appear dull right now, but according to QCP Capital, increasingly "complacent" market supplies are kindling for a violent market move.
BTC/USD consolidated after reaching within $400 of $50,000 overnight, according to data from Cointelegraph Markets Pro and TradingView.
Related post: Bitcoin and Ethereum are on the decline, while XRP is rising
Bulls were up against a big sell wall at the psychologically crucial level, with analysts predicting that $50,500 would have to be hit and held for short timeframes to turn positive.
In a typical social media post, popular trader Pentoshi said, "Today the waters will part, allowing for a shot for a higher bottom on BTC."
"Please bear, Come on over to the Ark. Come to your senses. Ride with us to the 53K drylands, where everyone has a chance to win and celebrate in glory."
While the "Santa rally" has so far eluded both crypto and traditional markets, some were hoping for recovery around the New Year.
According to trading firm QCP Capital, the key was upcoming low liquidity over the holidays, which might ignite a short squeeze in an unduly relaxed market environment.
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"As spot ranges shrink in this 45,500–49,500 area, we believe the market is becoming complacent. It's also a good opportunity to acquire some wings (far strikes) "On December 22, it issued a warning.
"...We continue to believe that as liquidity thins out through the holidays and into 2022, there will be a squeeze (most likely to the upside). If this occurs, owning wings will be extremely lucrative."
According to Coinglass statistics, funding rates on exchanges were positive but neutral at the time of writing, indicating a lack of speculative activity.
The Canadian website seeks to reveal Shytoshi Kusama's genuine identity as the project leader for the popular Shiba Inu meme coin.
Tuesdays can be dull, but many blockchain fans are captivated by an ongoing Twitter drama. Ask The Doctor, a Canadian medical questions and answers website, has declared that it will sue Shytoshi Kusama, the volunteer project head for the meme token Shiba Inu (SHIB), for alleged libel and seek to reveal his identity in court. "It is illegal [for Ask The Doctor] to steal people's money for a service it never offers," Kusama said swiftly.
"Inform your legal team that purchasing a verified account and using it to defraud others is prohibited." Inform them that taking money from people for a service you never supply is unlawful.
And if you're serious about coming to get me...
COME GET ME.
Anyway, it's almost time... "I'm all set."
Kusama started the heated debate by quoting a promotional SHIB post from Ask The Doctor the day before, stating, "You're a phony user. What happened to all of your "doctor" tweets from your tour account, which was created in 2009?" Ask The Doctor was once a SHIB influencer as if the plot wasn't already complicated enough.
The company stated in a tweet on Dec. 1 that it had added 31 billion SHIB ($1.5 million) to its balance sheet. Ask The Doctor then announced on Monday that it has gotten rid of its SHIB tokens. According to Twitter users, the firm has allegedly been extensively advertising SHIB coins to retail investors over the last month.
How do you think this misunderstanding will affect Shiba Inu?
