Bitcoin analysis for December 8, 2021.

Bitcoin is balancing around $50,000 after the sharp weekend decline towards $40,000 and the following bounce towards $52,000. On a weekly basis there is no real progress as price is exactly at the same level we started the week.

Black lines -Fibonacci retracement

Bitcoin has so far retraced more than 61% of the entire rise from $29,000 lows. Price is now at the 50% retracement. Failure to hold above the 61.8% level and a break below recent lows, will be a very bearish sign. Bulls want to see price move higher and break above the short-term resistance at $53,000 which was previously support. Recapturing this resistance level would be an important win for bulls. As long as price is below $53,000, we consider price to be vulnerable to more downside.