Bitcoin (BTC) lost $ 47,000 support on December 13th and will be referred to as “Bloody Monday” when gold fell 25% in seconds.

As a step in that direction, analysts said that the 8.5% correction for Bitcoin is directly related to the Federal Reserve Open Market Committee (FOMC) meeting, which will begin on December 15.

Fears that investors will begin cutting off the Federal Reserve are reducing the Federal Reserve’s buyout program. It is logical that changes to current monetary policy will have a negative impact on risky assets. There is no way to confirm this prediction, but on December 12th, Bitcoin was up 67%. Thus, it makes sense for investors to take their profits out of market uncertainties that may be relevant to the current layout. The BTC price is visible.

Best crypto performance for the week of December 13th. Source: Nomix
Bitcoin fell 8.2 percent last week but ended the gold market. This is very different from the last 50 days as the share of the leading cryptocurrency market (dominant) has dropped from 47.5% to 42%. As the risk of Bitcoin is relatively lower than gold, investors can only invest.

Teacher discounts reached 4%
OKEx Tether (USDT) Bonus measures the difference between a China-based to-peer (P2P) trade and a US currency. A value above 100% indicates that investment in cryptocurrencies is in high demand. On the other hand, a 5% discount usually indicates higher sales.

OKEx USDT Peer-to-Peer Premium to USD. Source: OKEx
On December 13, tether indicators hit 96%, a slight decline, but overall the cryptocurrency market fell 10%, which is not alarming. However, more than two months after the numbers hit 100%, tax returns to China have not been affected.

The 24-hour closing total of $ 400 million proved that a reduction in December 13 prices had little effect on investor sentiment.

All excluded items will expire on December 13th. Source:
Most importantly, the long $ 300 million leverage deal was forcibly terminated due to inappropriate profit. That’s not as important as the $ 2.1 billion loan on December 3.

No need for bitcoins at this time
Traders need to analyze the eternal future to prove that a sharp drop in prices did not have a significant impact on the crypto market structure. These agreements have a fixed interest rate and a fee will be charged every eight hours to eliminate the risk of exchange.

Positive funding rates indicate that in the long run (buyers) need more profits. However, the reverse situation occurs when shorts (traders) need additional leverage, which leads to a reduction in money rates.

Bitcoin 8-Hour Funding Rate for the Future Future Source: Coinglass
Assuming that most cryptocurrencies suffered significant losses on December 13, the overall market structure was good. If the demand for shorts was high enough that the Bitcoin price would fall below $ 46,000, the half-hour futures funding would fall below 0.05%.

The beer market is not a sign that China is trading in a central market at a 4% discount, ending a long-term $ 300 million contract, and having a neutral funding rate. Unless those fundamentals change materially, there is no reason to count $ 42,000 or Bitcoin.

The ideas described herein are those of the author and do not necessarily reflect the views of Cointelegraph. Every step of the investment and trade is risky. You need to study yourself to make a decision.

Source: CoinTelegraph