Bitcoin (BTC) traded around $ 47,000 on December 4 after a sudden crash that confirmed the bull’s worst nightmare with 22% daily losses.
1 day light chart for BTC / USD (bit print). Source: TradingView
Cryptocurrency sales exceed $ 2.5 billion
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD hit a local low of $ 41,960 on Bitstamp, its lowest level since September 30.
When the panic erupted, mortgage positions were liquidated and traders gave up, with the 24-hour liquidation of the cryptocurrency exceeding $ 2.5 billion.
Cryptographic filter circuit. Source: Coinglass
filbfilb, co-founder of the Decentrader trading platform, summed it up in a recent post-transition report: “$ 50,000 is likely to be resistance for the right amount of time, unless it smells like incredible stuff.”
“The volume of dumping and distribution is likely to mean consolidation in the first quarter of next year. The lunar mission has not yet been completed, but some believe that the cycle is complete. ”
The magnitude of the economic downturn has wiped out some key support levels, including the trillion dollar valuation of Bitcoin, previously a popular long-term option.
As Cointelegraph reported, concerns about trader behavior persisted until late Friday, when data showed the market could easily hit previous levels of around $ 60,000.
Despite the fact that this effect has almost disappeared, optimism persisted among famous people: Cointelegraph member Michael van de Poppe declared the top below $ 42,000 a “bottom”.
“We are still in the beef market,” he added.
Meanwhile, Bitcoin only escaped an attack on the $ 40K support, which TechDev analyst said would trigger a “reversal” if it forms weekly resistance.
“Wait, relax. The market will be open, ”he told his Twitter followers.
“If the bullish stage is significantly different from the date, expect each bearish stage to do the same.”
Ethereum retains the strength of the bitcoin pair
The little silver lining came on that day from Ether (ETH), which was close to a rematch at the highest levels since mid-2018.
On the subject: Ethereum is “going to go parabola” against bitcoin as analysts weigh up the case for BTC-Bear
ETH / BTC lost less than Bitcoin due to the crash against the dollar, stopping the trend to exceed 0.0831.
1 hour light chart (bit print) ETH / BTC. Source: TradingView
All top 10 cryptocurrencies by market cap fell more than 10% against the US dollar, but Polkadot (DOT) is leading by 21%.