Bitcoin Tests Yearly Moving Average as $100K by Christmas Needs ‘Small Miracle’
The market value of Bitcoin has turned upside down in 2021. It stands between $46,000 and $47,000 at the moment. Traders are wishing to close this year strongly; however, it looks difficult.
The closing value of Bitcoin may differ from the trendline of 1 year. A lot rests on Bitcoin, with the end of 2021 coming closer every day.
Here’s What’s Happening
Data recently published shows Bitcoin in an acceptable range, but the year-end may be unfair to the traders.
Bitcoin sits firmly within the range of $45,000 and $46,000. Several traders expect it to bounce back despite the slowdown it has shown throughout the second half of 2021.
The 1-year moving average is a crucial annual mark that Bitcoin appears to be missing unless a ‘small miracle’ happens. Philip Swift, the creator of Look Into Bitcoin, has unofficially voted in favor of staying still with the holdings.
He has also urged the traders to stay bull.
While one of the famous Cryptocurrencies is expected to bounce high, reports claim that even the best bounce will not have enough room for recovery. This is supported by PlanB.
PlanB published a tweet on the internet saying that his target of crossing $100,000 was unlikely to be achieved. He also acknowledged the fact that a small miracle was needed for him to close above the target.
The news of PlanB abandoning his holding is fabricated if one ever comes across such an update. He has clarified that he would not be letting go of his Bitcoin holdings even in the current scenario.
The Bitcoin market has also had an impact on the traditional market. As Christmas comes closer, the Santa Rally of the traditional market stands far from being positive for everyone.
Holger Zschaepitz, a market commentator, said that the traditional market was exactly staging a typical Santa Rally. He added that even though the global stocks lost $1.8 trillion market value, they were still worth $118 trillion in market value.
The current market value represents 140% of the global GDP.