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Bitcoin Roars, Nearing $50,000 For The First Time .
2021-12-22 | Selina Mathew
BTC/USD 1 DAY PRICE CHART: SOURCE - COINMARKETCAP.COM
With $50,000 representing the cognitive barrier, others resorted to on-chain data for more confirmation of Bitcoin's fundamental resilience. Amongst them was fund manager Dan Tapiero, who observed positive indications on the moving average convergence divergence (MACD) indicator during what has traditionally been a buying period. MACD is the connection involving two exponential moving averages on BTC/USD, and a price run-up has always accompanied a comeback from a downturn. The previous occasion the buy signal emerged was at the close of September, shortly preceding Bitcoin surged to fresh all-time highs a little more than a month ago. The emotion index nearly doubles. Altcoins started reporting increasingly substantial daily increases over Wednesday, providing additional hopeful indicators for investors. The biggest cryptocurrency by market capitalization, Ether (ETH), remained at $4,000, whereas the outlier Terra (LUNA) was up 16%. Ripple's XRP currency was up 9 percent, while none of the top ten cryptocurrencies by market cap were down. The Crypto Fear & Greed Index increased significantly overnight, rising from 27 to 45, although the market remains in "fear" phase.
