Bitcoin BTC/USD, the biggest among the cryptocurrencies, is seen extending its gain for a second straight session. The recent rally has helped the cryptocurrency reclaim the $50,000 level.
Bitcoin, which ran up to an all-time high of $68,789.63 on Nov. 11, began to consolidate in subsequent sessions amid profit taking. It, however, was holding support around the $53,900 level before the threat of the omicron variant began to pull it further lower.
Bitcoin fell below the support level on Dec. 3, when the media began reporting on the variant, and dropped below the psychological resistance of $50,000 on Dec. 4. Although the apex crypto fought back above the level in the very next session, it showed tentativeness and was trading mostly just above that marker, as a bull-bear tug-of-war ensued.
Sellers gained an upper hand on Thursday and Friday, with the news of Chinese real estate firm Evergrande defaulting on its U.S.-denominated loan giving an excuse for liquidations.
On Saturday, Bitcoin, along with most altcoins, staged a recovery. After three successive sessions of sub-$50,000 closes, Bitcoin has broken above the level.
Most financial assets move higher into the year-end, thanks to the Santa Claus rally. Bitcoin could be in for a stronger finish, if it can capitalize on the recovery in the works.
At last check, Bitcoin was seen trading up 3.50% at $50,493.92.
Related Link: What Does Bitcoin's Historical December Performance Tell About Its Potential Year-end Price?
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