Bitcoin price aims for $52K as stocks rebound fuels bullish return

Bitcoin (BTC) attempted to crack $51,600 resistance throughout Dec. 7 as BTC/USD gained in line with an equities rebound.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin: "The trend is still up"

Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency making repeated assaults on the $51,600 mark Tuesday.

At the time of writing, the latest charge was ongoing, as the Wall St. open added further bullish momentum towards $52,000. Bitcoin was up almost 6% overnight.

"Bitcoin rejecting at $51.6K. That's an important level, just like $53.5-55.5K is," Cointelegraph contributor Michaël van de Poppe commented earlier.

"The trend still up since the recent crash, through which $49.6K is an area that I'd like to see hold if we want to retest the $53.5-55.5K zone."

Nerves were still palpable across crypto markets amid broad belief that the current gains could be a so-called "dead cat bounce" and that a return to lower levels awaits.

Nonetheless, the 5% price uptick appeared to do wonders for sentiment in terms of numbers, the Crypto Fear & Greed Index jumping a whole nine points to 25/100 — on the edge of breaking out of "extreme fear."