Bitcoin on December 2, 2021

Nothing new – Traders are waiting for the breakout – preferably bullish – that could end the current consolidation. Bitcoin (BTC)

is nowhere near its all-time high, but the mainstream media seems to be exaggerating the extent of the current correction.

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Bitcoin consolidation: extension without a bullish breakout

Bitcoin falls to around $55,840 on Bitfinex today. The rebound allows the bulls to retake the $56,000 mark. Bitcoin is trading at $56,962 at the time of writing, with a slightly bearish day.

Trader Michael van de Poppe reminds us in his tweet yesterday, December 1, 2021, that he remained “cautious/bearish” with bitcoin below $60,000. He urges buyers to watch for $53,000 – $54,000, and $47,000 – $50,000. Bitcoin has remained confined (trending) in the $55,000 – $60,000 area for the past several days for now.

Trader Rekt Capital shared a chart showing bitcoin trading for over two weeks in a descending bevel. Bitcoin needs to, in his words, “close above the diagonal to confirm a breakout”. In the absence of such a breakout, markets should expect “more consolidation inside this bevel”.

<img width=”1617″ height=”1080″ src=”//’%20viewBox=’0%200%201617%201080’%3E%3C/svg%3E” alt=’Bitcoin (BTC) needs a bullish breakout from the current downtrend bevel, to eventually end the consolidation.” /><img width=”1617″ height=”1080″ src=”” alt=’Bitcoin (BTC) needs a bullish breakout from the current downtrend bevel, to eventually end the consolidation.” />Publication by Rekt Capital – Source: Twitter

Glassnode points out in his November 29, 2021 The Week on Chain newsletter

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, the bearish sentiment conveyed by the mainstream media, while bitcoin is trading at over 20% of its current ATH :

“With bitcoin now more than 20% below its all-time high, mainstream media headlines have declared that bitcoin has entered a bear market”

Glassnode nevertheless points out that the current correction is the least significant bitcoin has seen in 2021:

“However, some readers may be surprised to learn that the current market correction is actually thea less severe in 2021. Some might even say that it’s business as usual for a HODLer Bitcoin

Can the rally resume during this December 2021, or should we expect a drop below $50, 000? A breakout will certainly break the monotony, but will it be bear or bull friendly?

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