Home Technology Bitcoin recovers from price fall, rise to $50k  range

Bitcoin recovers from price fall, rise to $50k  range

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After a week of decline in the mid $40,000s range, Bitcoin prices rose to around $50,000 on Sunday evening.

Over the weekend, trading volume on major exchanges remained modest, significantly below the high level seen the previous week before.

Bitcoin fell to as low as $42,333 on December 4 and the low trading volume, indicating that the price rebound could be short-lived.

At the time of writing this article, Binance’s trading volume was down -19.32% in the past 24 hours. Coinbase and FTX were also down -14% and 34% relatively.

Meanwhile, Bitcoin’s price is trading at $50,163 at the time of writing this article. Prices for alternative cryptocurrencies also rose. Etherurum rose to trade at  $4,137 .

When comparing Bitcoin’s price structure to that of 2020, Bitcoin analyst CryptoValerio notices a pattern in Bitcoin’s recent volatility. His graph depicts how the cryptocurrency’s price pattern generates higher lows and higher highs before a significant price increase, such as the one seen at the end of last year.

He stated on Twitter, “You’ll understand how emotions influence the majority of the investor’s decision making when trading. ‘Because this leads to same patterns and market structures reoccurring over and over again. This allows us to compare them and make conclusions on how probable they are to reoccur,”

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