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%.
BTC/USD 1-day light chart (bit print). Source: TradingView
Cryptocurrency divestiture 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 since September 30th.
As the panic erupted, mortgage positions were liquidated and traders surrendered, and the 24-hour cryptocurrency liquidation exceeded $2.5 billion.
Cryptographic filter scheme. Source: Coinglass
“$50,000 is likely to be a resistance for an appropriate amount of time, unless it smells of incredible things,” filbfilb, co-founder of trading platform Decentrader, concluded in a recent summary after the move.
Discharge and distribution volume will likely mean consolidation in the first quarter of next year. The lunar mission is not over, but some believe the cycle is over. ”
The scale of the economic downturn has wiped out some key support levels, including the trillion-dollar valuation of Bitcoin, which was previously a popular choice for long-term gaming.
As Cointelegraph reported, concerns about trader behavior arose early on Friday, when data showed that the market could easily move to previous levels near $60,000.
Now that that effect has all but disappeared, optimism still lingers among celebrities: Cointelegraph contributor Michael van de Poppe declared the top under $42,000 to be “the bottom.”
“We are still in the beef market,” he added.
Meanwhile, Bitcoin simply survived an attack on its $40K support, which could have been bearish if it formed a weekly resistance, said the TechDev analyst.
“Wait, relax, the market will appear,” he told his Twitter followers.
“If the bull stage is significantly different from the date, expect each bear stage to do the same.”
Ethereum maintains the strength of the Bitcoin pair
Ether (ETH) had a bit of fun that day and was headed into the rematch at its highest level since mid-2018.
Related: Ethereum “Goes Parabolic” vs. Bitcoin As Analysts Weigh BTC Bear Case
ETH/BTC lost less than Bitcoin due to the crash against the dollar, halting the 0.0831 trend.
1 hour ETH/BTC light chart (bit print). Source: TradingView
The market capitalization of all the top 10 cryptocurrencies is down more than 10% against the US dollar, but Polkadot’s (DOT) advance is 21%.
