It looks as though the year-end rally that many crypto traders had hoped for will accept to look until 2022, as Bitcoin (BTC) bears gained the upper hand on December. 28 and hammered the price of BTC below back up at $48,000.

Data from Cointelegraph Markets Pro and TradingView shows that an early on morning wave of selling bankrupt through BTC support at $l,000 and was followed by a second wave in the early afternoon that dropped the top cryptocurrency to a daily low of $47,318 earlier bulls managed to stem the outflow.

BTC/USDT four-hour chart. Source: TradingView

Here's a look at what several market analysts are saying near the reasons backside this latest correction and what to look out for as 2022 comes to a close.

A bearish RSI divergence prior to the reversal

Insight into the technical reasons for the year-stop correction for BTC price was offered by options trader and pseudonymous Twitter user John Wick, who posted the following chart highlighting a bearish "faux out" as the price of Bitcoin began to opposite.

BTC/USDT iv-hour chart. Source: Twitter

Wick explained:

"We formed a double top that was clearly divers past surly RSI divergence. Notice how cost action trends up, while RSI was trending downwards. We also had a surly Alpha Thrust & Squeeze fakeout."

Possible dip to $44,000

Bitcoin's continued struggles at the 21-calendar week exponential moving average (EMA) was highlighted in the following chart from market analyst and pseudonymous Twitter user Rekt Upper-case letter. The weekly chart shows the difficulty BTC has had in breaking above the technical indicator.

BTC/USD 1-calendar week chart. Source: Twitter

According to Rekt Capital, the toll action for Bitcoin is similar to a scenario that occurred dorsum in May "whereby Bitcoin is experiencing a multi-calendar week consolidation between the ii bull marketplace EMAs," and the toll could soon revisit the $44,000 level. He continued:

"Historically, BTC has performed downside wicks into the orangish area during this crimson retest and so at that place's telescopic for another revisit of orange."

Related: Bitcoin daily losses nigh $4K as S&P 500 hits 69th all-time high of 2022

Waiting for a breakout to a higher place $52,000

Suggestions as to what traders should be on the lookout for in the days and weeks ahead were offered past analyst and pseudonymous Twitter user "Don Alt," who posted the following chart showing that Bitcoin is in a "pretty clean downtrend, for at present."

BTC/USD 1-twenty-four hours nautical chart. Source: Twitter

Don Alt indicated that there is not much to run into with BTC continuing to merchandise in a range at these current levels. He is at present waiting for a clear interruption above the first carmine resistance zone on the nautical chart above, which is located near $52,000. Don Alt further explained:

"I start getting hopeful above $52,000, in a higher place $sixty,000 the raging bull market is back on. Until either of those happens, I'thou gonna look for deep wicks and focus on other more heady things."

The overall cryptocurrency market place cap now stands at $two.234 trillion and Bitcoin's dominance rate is forty.3%.

The views and opinions expressed here are solely those of the author and do not necessarily reverberate the views of Cointelegraph.com. Every investment and trading move involves chance, you should acquit your own research when making a decision.