Bitcoin (BTC) fell when Wall Street opened on December 13, with stocks reaching record highs on December 10.
Hourly candlestick chart BTC / USD (bit stamp). Source: Trading View
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD has fallen below $ 48,000 and reached several days’ low level at the time of writing.
Stocks tended to rise before the high, and it was a cool start to the day when profits fell.
On the other hand, Bitcoin has increased its losses by a total of over $ 3000 in 24 hours.
As such, traders continue to disregard or consolidate short-term moves, and openly avoid bullish prospects.
“Something like that would drive people crazy,” commented Scott Melker, better known as “The Wolf of All Streets,” about the predictions for the new schedule.
“This is what I have been preparing for since the autumn 10 days ago. I prefer Up Only, so let’s hope that’s what we get. ”
Annotated BTC / USD chart. Source: Scott Melker / Twitter
Others have already described the slow price movement ending in 2021, and this is offset by online calculations that require the markets to return to strength.
“BTC can repeat the consolidation period it also went through after the collapse in May 2021,” the trader and analyst at Rekt Capital added today.
He highlighted Bitcoin’s 50-week and 21-week exponential moving averages as support and resistance levels, respectively.
Bitcoin retains 40% market value control
Altcoins looked bleak due to the fall in bitcoin, which raised suspicions that the return of the “alt season” may have to wait.
Related: “I think BTC is ready” – 5 things to see in Bitcoin this week
Bitcoin market dominance, while hovering near the six-month lowest level, managed to bounce back over 40% after a brief crash on December 9th.
The latest move has jeopardized some of the biggest blowouts in altcoin history in recent weeks, especially the exchange rate of ether (ETH) against bitcoin, which turned from a three-year high to challenge new support.
ETH / BTC 1-hour candlestick chart (bit stamp). Source: Trading View
“Overall, just a small takeaway, I think we’re in the fall,” Cointelegraph contributor Michael van de Poppe said of the broader cryptocurrency scene in his latest YouTube update.