Bitcoin (BTC) repeated itself on December 2 when another $ 60,000 attack took place in the markets and ended in defeat.
1 hour light chart BTC / USD (bit print). Source: TradingView
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD surged to $ 57,000 on Thursday after completing a full circle for 24 hours.
The pair briefly hit $ 59,000 on the Wall Street opening the day before, and this could not be held as another round of macroeconomics provoked sentiment slump once more.
So Bitcoin fell, and its stocks appear to have responded to ongoing concerns about a new omicron coronavirus alternative. The S&P 500 closed the day down 1.2%.
With a sense of frustration permeating the cryptocurrency markets, analysts seized the opportunity to demand a longer-term perspective.
“It’s very simple.” Below 60 thousand dollars, I was cautious / bearish because I want to see how the situation will change, ”summed up Cointelegraph member Michael van de Poppe.
“Levels for searching for a purchase; The range is $ 53,000 to $ 54,000 and $ 47,000 to $ 50,000 in bitcoins. When do you buy altcoins? December. Nothing has changed in recent weeks. ”
These lower buying targets have been accompanied by renewed expectations for a bullish peak for this cycle, which, as in April of this year, pushed BTC / USD at $ 400,000.
Co-analyst TechDev, who studies Fibonacci levels on the bi-weekly chart, also called Thursday “another day to go down in scale.”
Open interest remains at an all-time high
Meanwhile, on stock exchanges, open interest remains a concern due to the high volume in relation to price movements.
Related: Bitcoin fails to close ‘worst case scenario’ at monthly close for the first time, starts below $ 57k in December
Data from network analyst firm Glassnode showed open interest in bitcoin futures, which recently hit a second all-time high and approached all-time highs in April.
“At some point, this open interest will be washed away in one direction or another,” said analyst William Clemente.
Bitcoin futures 7-day moving average chart. Source: William Clemente / Twitter
With cyclical price movements marking the week, sentiment remained in favor of a definitive exit from an upward or downward direction, causing derivative structures to “reboot”.
Funding rates on the exchanges were mostly neutral on Thursday.