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After experiencing uncertainty for much of November, the price of Bitcoin started gaining momentum last week.
Over the past seven months, the trajectory of Bitcoin’s price has been characterized by a slow but steady recovery, guided by a rising expanding channel model.
The recovery of Bitcoin’s (BTC) price surpassing the $40,000 psychological level has led to noteworthy changes in the ecosystem, especially concerning the growth of active wallets.
Bitcoin’s price reached $42,000: Will the price of Bitcoin reach $50,000 in December?
December 4th Current Bitcoin Price Chart
After experiencing uncertainty for much of November, the price of Bitcoin started gaining momentum last week. The recovery, starting from a low of $35,682, increased by 17.12%, reaching the current trading price of $41,743. However, when looking at the technical charts, it is evident that this rise is still confined within an expanding channel model, which could significantly alter the upcoming trend.
Over the past seven months, the trajectory of Bitcoin’s price has been characterized by a slow but steady recovery, guided by a rising expanding channel model. Considering that this model repeatedly intersects two rising trend lines, its significant impact on market participants becomes apparent.
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BTC/USD Daily Chart
In particular, on November 22nd, Bitcoin experienced a strong recovery reaching a 19-month high of $42,200 on the upper trend line, undergoing a reversal from the lower trend line. Historical observations of this model often indicate that reaching the upper trend line triggers increased selling pressure, leading to a return to the lower trend line.
However, it is essential to note that this model typically symbolizes increasing market uncertainty, as evidenced by significant price fluctuations within the model. Therefore, surpassing the upper trend line would be a more convincing indicator of a robust recovery, potentially driving the price up to $48,175 and possibly extending it to the $50,000 mark. The upward movement near the upper limit of the Bollinger Bands indicator, as seen on the chart, indicates the current dominance of buyers.
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Bitcoin Wallets Surpass 50 Million with the BTC Price Rally
The recovery of Bitcoin’s (BTC) price surpassing the psychological level of $40,000 has led to noteworthy changes in the ecosystem, especially concerning the growth of active wallets. Data from IntoTheBlock, a significant on-chain data provider, reveals a substantial increase in the number of Bitcoin wallets holding a balance. This growth, surpassing 50 million, represents an impressive 17% increase since the beginning of the year, emphasizing growing interest and participation in the Bitcoin network.
