Bitcoin (BTC) is trading above $56,000 with a bullish bias amid decreasing price volatility as market participants wait to see the direction the big crypto is likely to take before the year ends. If Bitcoin price moves up, it is likely to confirm the Santa Claus rally thesis that some analysts believe will taken BTC to new record highs before the year ends. However, if BTC continues the recent correction it may drop to lower levels as we go into the new year.
Bitcoin Price Holds Above The 50 SMA
BTC/USD has displayed a sideways price action since rising above the 50-period Simple Movign Average (SMA) on November 28 as seen on the four-hour chart. Since then, Bitcoin has successfully closed above the 50 SMA, expect for few sessions.
At the time of writing, Bitcoin price trades at $56,914 with a bullish bias amid decreasing price volatility suggesting market consolidation. This is accentuated by the sideways price action, the flattening moving averages and the squeezing of the Bollinger
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