Bitcoin price aims for $52K as stocks rebound fuels bullish return

Bitcoin price aims for $52K as stocks rebound fuels bullish return

Bitcoin (BTC) attempted to crack $51,600 resistance throughout Dec. 7 as BTC/USD gained in line with an equities rebound.

3c4c259f-37dc-4d7a-925b-f3a814a32506.pngBTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin: "The trend is still up"

Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency making repeated assaults on the $51,600 mark Tuesday.

At the time of writing, the latest charge was ongoing, as the Wall St. open added further bullish momentum towards $52,000. Bitcoin was up almost 6% overnight.

"Bitcoin rejecting at $51.6K. That's an important level, just like $53.5-55.5K is," Cointelegraph contributor Michaël van de Poppe commented earlier.

"The trend still up since the recent crash, through which $49.6K is an area that I'd like to see hold if we want to retest the $53.5-55.5K zone."

Nerves were still palpable across crypto markets amid broad belief that the current gains could be a so-called "dead cat bounce" and that a return to lower levels awaits.

Nonetheless, the 5% price uptick appeared to do wonders for sentiment in terms of numbers, the Crypto Fear & Greed Index jumping a whole nine points to 25/100 — on the edge of breaking out of "extreme fear."

b2683d93-4543-4338-9c1f-1b712aaf15cd.pngCrypto Fear & Greed Index. Source:

"5% does wonders," fellow trader and analyst TechDev added.

ETF volumes show institutions still hungry for BTC

As Contelegraph reported, appetite for buying Bitcoin has nonetheless remained throughout recent days.

Related: This Bitcoin price metric just hit ‘oversold’ for only the 7th time in 8 years

Along with a conspicuous whale account, institutional interest is also strong, as evidenced by exchange-traded fund (ETF) volumes.

"Yesterday, Purpose Bitcoin ETF had its biggest inflow since the inception," Lex Moskovski, CIO of Moskovski Capital, summarized looking at the data.

"The demand is here."a9ee7e8f-59b0-42d1-8d00-53654e6d581f.pngPurpose Bitcoin ETF flows annotated chart. Source: Lex Moskovski/ Twitter

Elsewhere, open interest in Bitcoin futures also ticked up Tuesday, having taken a serious hit as BTC/USD crashed below $42,000.

056bb91d-4aa5-4686-a9d3-43957595cb19.pngBitcoin open interest chart. Source: Coinglass

Source Link