Bitcoin loses $48K on Wall Street open as dealer warns altcoins look ‘rekt’ towards BTC


Bitcoin (BTC) declined as Wall Street buying and selling opened on Dec. 13 as shares got here off Dec. 10’s report shut.

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

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD diving under $48,000 to succeed in multi-day lows on the time of writing.

Equities had been tipped so as to add to all-time highs previous to the beginning of buying and selling, this getting off to a chilly begin on the day, with positive aspects slipping.

Correspondingly, Bitcoin added to losses that totaled over $3,000 in 24 hours.

Traders thus continued to eye sideways or consolidatory actions for the close to time period, steering away from any outright bullish calls.

“Something like this would drive people nuts,” Scott Melker, often known as the Wolf of All Streets, commented on a recent chart prediction.

“This is what I have been preparing myself for since the drop 10 days ago. I would prefer Up Only, so let’s hope that’s what we get.”

BTC/USD annotated chart. Source: Scott Melker/Twitter

Others had already referred to as that limp worth motion would conclude 2021, this countered by on-chain metrics calling for a return to energy for markets.

“BTC may be repeating the consolidation period it also experienced following its May 2021 crash,” dealer and analyst Rekt Capital added on the day.

He highlighted Bitcoin’s 50-week and 21-week exponential transferring averages as help and resistance ranges, respectively.

Bitcoin preserves 40% market cap dominance

Altcoins regarded bleak as Bitcoin fell, fueling suspicions that the return of “altseason” could have to attend.

Related: ‘I think BTC is ready’ — 5 issues to observe in Bitcoin this week

Bitcoin market cap dominance, whereas hovering close to six-month lows, managed to bounce again above 40% after a short breakdown on Dec. 9.

The newest transfer additional threatened the stronger outliers within the altcoin story in latest weeks, notably the trade price of Ether (ETH) towards Bitcoin, which reversed from three-year highs to problem new help.

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

“Overall, just a small conclusion, I think we are in buy-the-dip zones,” Cointelegraph contributor Michaël van de Poppe argued relating to the broader major-cap altcoin scene in his newest YouTube replace.

Source link

You might also like
Leave A Reply

Your email address will not be published.