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The ups and downs in between have been significant, but essentially, Bitcoin remains in the midst of a now-familiar range.

BTC/USD is approximately $42,000, virtually precisely where it was in week two of January 2021, after what various sources have termed as a full year of “consolidation.”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting its lowest levels since September overnight and reaching $40,938 on Bitstamp.

Among traders, the discussion focused on a similar event occurring, with targets even including a crash below September’s $30,000 lows.

For the previous two days, Bitcoin has been trading between the 20-day exponential moving average ($48,720) and firm support at $45,456. This shows that at greater levels, buying dries up.

If a traditional trigger from the 2021 bull run repeats this week, Bitcoin (BTC) could witness a “huge bullish rise.” Bitcoin has already broken out of a long-term decline on the momentum indicator, which compares closing values to those from the past, while still trading around $50,000. This year has seen two such breakouts, both of which resulted in significant gains for BTC/USD. Further analysis shows that on daily timescales, both the momentum indicator and Bitcoin’s relative strength index (RSI) are imitating behavior from September, when the market formed a local bottom before surging to current all-time highs above $69,000.

On Monday morning, one and a half years after the last Bitcoin halving, total circulating Bitcoin (BTC) reached a key milestone, with 90 percent of the maximum total quantity mined. According to Blockchain.com, the number of Bitcoins in circulation reached 18.899 million on Monday, leaving only 10% of the total supply to mine. While mining the first 90% of BTC took around 12 years, the remaining 10% will take a little longer. Satoshi Nakamoto, the anonymous creator of Bitcoin, established a hard cap of 21 million coins. This restriction is written into the source code of Bitcoin and enforced by network nodes. Bitcoin’s value proposition as a currency and an investment tool is dependent on its hard cap.

MicroStrategy, a business intelligence company, has added 1,434 Bitcoin to its bank account after purchasing the cryptocurrency at an average price of $57,477. MicroStrategy purchased 1,434 Bitcoin (BTC) for $82.4 million between Nov. 29 and Dec. 8, according to a Securities and Exchange Commission filing on Thursday, bringing its total holdings to 122,478 BTC. MicroStrategy’s holdings are now valued at more than $5.9 billion, indicating a gain of more than $2.2 billion. MicroStrategy has gone on to buy billions of dollars in Bitcoin in separate buys using the company’s cash on hand since its initial $250 million Bitcoin investment in August 2020, in addition to selling convertible senior notes in private offers to institutional investors.

BTC/USD climbed to $49,777 on Bitstamp before stabilizing, according to data from Cointelegraph Markets Pro and TradingView. The pair stabilized after a drop below $41,900 early Saturday as the market digested the third massive deleveraging event to rock Bitcoin this year. For some, however, there was every reason to stay cautious and not discount another sweep of long-term lows. Meanwhile, Rekt Capital, a fellow trader, and analyst was eyeing the 200-day exponential moving average (EMA), a support line that had been held since August but was broken in Saturday’s fall, as a possible line in the sand.

Late September witnessed a test of the 200EMA, with BTC/USD the last trading at $42,000, and Rekt Capital remarked that the magnitude of the dip still pales in comparison to prior ones in history.

The price of Bitcoin (BTC) has fallen this week, and bears will constantly look for a reversal signal anytime the price rises, such as the 8% gain on Nov. 28. Technical analysis isn’t a precise science, so there’s room for interpretation, and most traders examine numerous periods to discover a story that fits their perspective. Bitcoin’s price is currently in a declining channel that began on Oct. 31, and if this pattern holds, Bitcoin might plummet to $50,000 in the near future. Concerns over a new COVID-19 variation spurred a global market sell-off on Nov. 26. Cryptocurrency markets crashed. Bears saw a $215 million potential profit on December 3’s options expiry as Bitcoin sank below $54,000, but that reversed once BTC price reclaimed the $57,000 support.

For the previous two days, Bitcoin has been correcting in a downward channel. For the previous two days, the bulls have been striving to defend the 100-day simple moving average ($54,064), but the thin bounce shows a lack of urgency to accumulate at the present level. The down-sloping 20-day exponential moving average ($58,521) and the relative strength index (RSI) below 39 indicate that bears are in control. If the price rebounds off the current level, the bulls may hit a wall at the 20-day EMA. To signify that the correction may be finished, the bulls must push the price above the channel and keep it there. On a break, the pair might gain positive momentum and close above $61,000.

Following a good weekend, BTC/USD was rejected above $60,000 twice and has now dropped below $57,000 as market enthusiasm has waned. The stakes are high: some believe that lofty Bitcoin price expectations may still be realized by the end of the month, while others feel that this bull market will last longer than past ones. BTC/USD recovered some of its losses after hitting five-week lows of $55,650, and on Saturday, it even “gapped higher” to attempt a swipe at $60,000. This was eventually failed, but a new effort was made on Sunday, with Bitcoin briefly trading in the $60,000 level until a hard rejection sent the market plummeting once more.