Bitcoin (BTC) attempted to scissure $51,600 resistance throughout December. seven as BTC/USD gained in line with an equities rebound.

BTC/USD 1-hour candle nautical 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 on Dec. vii.

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

"Bitcoin rejecting at $51.6K. That'south an of import level, just like $53.5K–55.5K is," Cointelegraph correspondent Michaël van de Poppe commented earlier.

"The trend even so up since the recent crash, through which $49.6K is an surface area that I'd similar to see hold if nosotros want to retest the $53.5–55.5K zone."

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

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

Crypto Fear & Greed Index. Source: Alternative.me

"5% does wonders," young man trader and analyst TechDev added.

ETF volumes show institutions still hungry for BTC

Equally Cointelegraph reported, appetite for buying Bitcoin has nevertheless remained throughout recent days.

Related: This Bitcoin toll metric just hit 'oversold' for only the seventh time in 8 years

Along with a conspicuous whale account, institutional interest is also strong, as evidenced by exchange-traded fund (ETF) volumes.

"Yesterday, Purpose Bitcoin ETF had its biggest inflow since the inception," Lex Moskovski, chief information officer of Moskovski Uppercase, summarized looking at the information.

"The demand is here."
Purpose Bitcoin ETF flows annotated chart. Source: Lex Moskovski/ Twitter

Elsewhere, open interest in Bitcoin futures also ticked up December. seven, having taken a serious hit as BTC/USD crashed below $42,000.

Bitcoin open involvement nautical chart. Source: Coinglass