22 days ago • Posted by Paul de La Baume

#Bitcoin touches 55-week average #crypto #Bloomberg #technicalanalysis

Bitcoin has retreated this month from close to $57,000 to 46,880 currently. Since December 4th it's continued to trade in a range of $50,800 and $46,200. It's now testing a key technical level that's acted as a floor for the last 2 years. It will be key to see if that level holds entering the new year. If not, on a technical picture it could re-test the level of $40,000. Last time it briefly hit that level on a Saturday, the largest crypto by market cap rebounded quickly. It's expected that institutional interest remains strong entering 2022, which could act as support for the cryptocurrency.