Bitcoin Retreated to $48500

On Wednesday, December 22, at the end of the day, bitcoin fell by 0.62% to $48588. Buyers could not benefit from the weakening of the US dollar, the growth of stock indices and gold.

Demand for risky assets increased on the news about Omicron. According to the latest research and preliminary data from South Africa, as well as Edinburgh and Strathclyde Universities, the new strain is less likely to bring patients to the hospital than the Delta strain. The U.S. Food and Drug Administration has approved Pfizer’s (NYSE:PFE) anti-COVID-19 drug for home treatment.

On Wednesday, the BTC/USD pair rose to $49576 in the Asian session.

After an unsuccessful attempt to break through the trend line, which originates from the top of $ 69 thousand, a downward correction began in the market. Sales increased during the transition of the day, while the dollar was actively getting cheaper against its competitors. Someone really does not want the strengthening of bitcoin.

At the auction in Asia, the price dropped to $47920. The fall stopped at the fibo level of 38.2% of the growth from $45559 to $49576. Resistance has formed at $49,500, although the upper limit of the lateral range passes through $51200. Demand for risky assets remains high. The BTCUSD pair is trading in a sideways trend after declining at $48438.

On Friday, the US markets and the precious metals market will be closed. The foreign exchange market operates on a reduced schedule. In the cryptocurrency market, we expect high volatility during the holidays. If the price remains below the $49,500 level on Thursday, sellers will once again try to test the strength of the $45,500 level, and the $46540 level will act as an intermediate support level.