BTC Price Prediction - Struggling Below $50,000, A New Breakout is Ahead?

Yesterday, the U.S. weekly jobless claims fall to 184,000, the lowest level in more than 52 years, Bitcoin price succumbed to another wave of selling along with the plunge in stocks.

 

Bitcoin prices have been trading south of $50,000, and reached $47,526 early this morning. $50,000 is definitely an important psychological price level for bitcoin, but as we can see right now there is no strong support at this level.

 

And on the fundamental aspect, President Joe Biden braces for another jump of CPI inflation today. The consumer price index (CPI) for November is expected to have risen 6.8% compared with the same month last year. If CPI remains high, the taper is likely to fasten its pace and the Bitcoin market may suffer.

 

Technical Analysis

On the daily chart, Bitcoin has been dipping since November - falling almost by $2,000. Bitcoin is trading around the lower band of Bollinger Bands and a downward breakout is possible. And the BTC price drops below the 50% Fib level as well The RSI rebounds after hitting the boundary of the oversold area, but it still heads to south. Focus on the $45,000 support and $51,000 resistance.

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