Bitcoin (BTC) recovered from a dip below $50,000 on Dec. eight as Wall St. trading opened on a fresh bullish note.

BTC/USD 1-60 minutes candle nautical chart (Bitstamp). Source: TradingView

Bitcoin marketplace ditches "extreme fear"

Information from Cointelegraph Markets Pro and TradingView captured a classic rally for BTC/USD on hourly timeframes, gaining $2,000 in a single ane-60 minutes candle.

The pair had hitting daily lows of $48,656 on Bitstamp earlier a dramatic trend change brought back the psychologically significant $50,000 level.

Equally positive signals began to emerge from well-known names on social media, sentiment likewise felt the benefit, exiting "extreme fear" for the kickoff time since Dec. iii's crash beneath $42,000.

Pop trader Rekt Capital, who earlier eyed salubrious behavior on the weekly chart, meanwhile added that BTC price activeness could be mimicking its recovery seen during September'due south major dip. This involved acting between two exponential moving boilerplate (EMA) lines.

"Bitcoin may be repeating a consolidation period it also experienced post-obit its May 2022 crash," he tweeted.

"This consolidation takes place between the blue 50-week EMA support and dark-green 21-week EMA resistance."
BTC/USD ane-week annotated candle chart (Bitstamp). Source: Rekt Capital/ Twitter

Exchange Bitcoin holdings drain faster since sell-off

On-concatenation metrics continued to delight on Dec. 8 against a backdrop of network fundamentals shaking off spot toll action by nearing new tape highs.

Related: Third-biggest Bitcoin whale'due south holdings total $6B after 'whopping' 2.7K BTC buy-in

Almost 80% of the BTC supply was even so in turn a profit at lower levels, according to information from on-chain analytics business firm Glassnode, this even so constituting a one-month low.

BTC 1-60 minutes supply % in turn a profit (vii-day moving average) chart. Source: Glassnode/ Twitter

A expect at the BTC remainder on exchanges added to the positivity, reserves at their lowest in multiple years and far beneath when Bitcoin traded at four figures.

Final week'south dip failed to upend the trend, which in fact accelerated over the weekend, data from on-concatenation analytics platform CryptoQuant confirms.

BTC exchange reserves nautical chart. Source: CryptoQuant