Wednesday, December 8, 2021
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Bitcoin price Today – Traders speculate that Bitcoin’s price may continue to trade sideways for now

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Bitcoin’s price has declined in recent days. While it has rebounded from its weekly lows, the asset’s trajectory remains uncertain says CryptoWendyO, a crypto trader on Twitter.  

“The daily timeframe is not looking great as we are having trouble sustaining $50K,” she told Fintech Zoom on Friday. “I am feeling like we will get a run to $51.6[K].”

She added:

“From there I would be cautious as rejection could lead back to the $50K -$45K range. A break down there could be a swift wick to $42-38K with a glorious recovery. Invalidation would be a sustained consolidation at $52K.”

After hitting record highs of approximately $58,360 in February, Bitcoin (BTC) dropped down to roughly $43,015 in subsequent days, based on TradingView data. The asset then rebounded up to about $52,660, before continuing its downward price action below $50,000. Bitcoin is trading at roughly $49,020 at time of publication.

Cheds, a trader on Twitter holding his CMT level I certification, expects “more consolidation from BTC above that key 42k level,” he told Fintech Zoom on Friday. He also tweeted a chart of his range expectations.

“The big question is if the recent 27% correction is enough to bring us to a new high,” Cheds said. “In the meantime we will watch a tightening range on the daily of lower highs and higher lows.”

A number of technology stocks have also suffered price decline recently.