Bitcoin (BTC) traded around $ 47,000 on December 4 after a sudden crash that confirmed the bull’s worst nightmare with daily losses of 22%.

One-day BTC / USD candlestick chart (bit stamp). Source: TradingView
Settlement of cryptocurrencies exceeds $ 2.5 billion
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD reached a local low of $ 41,960 on Bitstamp, the lowest level since September 30.

As the panic escalated, lending positions declined, traders gave up, and the liquidation of cryptocurrencies exceeded $ 2.5 billion in 24 hours.

Filter chart for cryptocurrency. Source: Coinglass
“$ 50K will probably be resistance at the right time if you fail to achieve incredible results,” filbfilb, co-founder of trading platform Decentrader, summed up in a new summary after this step.

– The volume of dumping and distribution will probably mean consolidation in the first quarter of next year. The moon’s mission is not yet complete, but some believe the cycle is over. ”
The scale of the fall has wiped out some important levels of support, including the $ 1 trillion valuation of Bitcoin, the previously popular long-term option.

As Cointelegraph reported, there has been concern about trading behavior in the past on Friday, when data showed that the market could easily be overpriced at previous levels of around $ 60,000.

Now that this influence has almost disappeared, optimism persists among famous faces, with Cointelegraph member Michael van de Poppe declaring a rally under $ 42,000 as a “minimum”.

“We are still in a beef market,” he added.

Meanwhile, Bitcoin has simply escaped an attack on the $ 40,000 support, which could trigger a “reversal” if it builds up weekly resistance, said a TechDev analyst.

“Wait, relax. The market will be open,” he told his Twitter followers.

“If a phase of a bullish cycle deviates significantly from history, expect any bearish phase to do the same.”

Ethereum is held together by BTC
Ether (ETH) had some fun that day and was close to reaching its highest level since mid-2018.

RELATED: Ethereum “Goes Parabola” Against Bitcoin When Analysts Weigh the BTC Bear Case

ETH / BTC lost less than Bitcoin due to the crash against the dollar, breaking the trend to above 0.0831.

1-hour candlestick chart ETH / BTC (bit stamp). Source: TradingView
All top ten cryptocurrencies by market value fell more than 10% against the US dollar, but the leader is Polkadot (DOT) at 21%.

Source: CoinTelegraph