Bitcoin Tested Yearly Moving Averages, $100K Is Far From Happening

Bitcoin tested yearly moving averages and will now decide whether or not to preserve the trendline as support in what resulted in a long-term upside but the Christmas prediction that BTC will reach $100K, is far from possible. In our latest Bitcoin news today, we are taking a closer look at the price analysis.

Bitcoin will decide whether to preserve the one-year trendline as support in what resulted in a long-term upside. Bitcoin prepared a showdown with the moving average price trend with the time running out for a stronger close by the end of the year. The data shows that BTC/USD trading pair is set at $47,000 while still being firmly in an established range. The price is now the location of Bitcoin’s one-year MA trendline which is a historic line in the sand that enabled an upside if the BTC/USD pair preserves it as support. Philip Swift as the creator of the on-chain data resource Look Into Bitcoin said:

“The 1yr MA is a pretty important bitcoin bull/bear pivot level historically and we are sat right on it now.”

As Bitcoin tested yearly moving averages, the bound would still leave an amount of ground to recover in order to post a closing price even a little in line with the previous bullish expectations, and among them is the stock-to-flow model creator PlanB who acknowledged that his $100,000 target was unlikely to happen. He added that he will not be abandoning the models which remain valid despite the recent events.

Bitcoin needs a small miracle for a 100K Christmas. Will I ditch S2F model if this does not happen? Nah, I actually like being at the lower bands. In fact I published the model at the lower bands in March 2019 with btc below 4K. pic.twitter.com/L1m0jFGNYM

— PlanB (@100trillionUSD) December 18, 2021

The unusual end of 2021 also impacted the traditional markets with the classic “Santa Rally” not being seen over the past week. The comments from the US FED also provided a short-lived performance boost but the progress was weak compared to earlier this year. The market commentator Holger Zschaeplitz noted:

“Look as if mkts not staging typical Santa Rally. Global stocks have lost $1.8tn in market cap this wk as investors reacted to hawkish Fed pivot, a spike in Covid cases & find themselves positioning into 2022 of already-elevated valuations. Stocks still worth $118tn, 140% of global GDP.”

The immediate outlook was not favorable with the latest COVID Omicron variant sparking fresh economic shutdowns that were set to last into the new year.