Bitcoin loses $48K on Wall Street open as trader warns altcoins look ‘rekt’ against BTC

Bitcoin loses $48K on Wall Street open as trader warns altcoins look ‘rekt’ against BTC


Bitcoin (BTC) declined as Wall Street trading opened on Dec. 13 as stocks came off Dec. 10’s record close.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD diving below $48,000 to reach multi-day lows at the time of writing.

Equities had been tipped to add to all-time highs prior to the start of trading, this getting off to a cold start on the day, with gains slipping.

Correspondingly, Bitcoin added to losses that totaled over $3,000 in 24 hours.

Binance

Traders thus continued to eye sideways or consolidatory movements for the near term, steering clear of any outright bullish calls.

“Something like this would drive people nuts,” Scott Melker, known as the Wolf of All Streets, commented on a fresh chart prediction.

“This is what I have been preparing myself for since the drop 10 days ago. I would prefer Up Only, so let’s hope that’s what we get.”

BTC/USD annotated chart. Source: Scott Melker/Twitter

Others had already called that limp price action would conclude 2021, this countered by on-chain metrics calling for a return to strength for markets.

“BTC may be repeating the consolidation period it also experienced following its May 2021 crash,” trader and analyst Rekt Capital added on the day.

He highlighted Bitcoin’s 50-week and 21-week exponential moving averages as support and resistance levels, respectively.

Bitcoin preserves 40% market cap dominance

Altcoins looked bleak as Bitcoin fell, fueling suspicions that the return of “altseason” may have to wait.

Related: ‘I think BTC is ready’ — 5 things to watch in Bitcoin this week

Bitcoin market cap dominance, while hovering near six-month lows, managed to bounce back above 40% after a brief breakdown on Dec. 9.

The latest move further threatened the stronger outliers in the altcoin story in recent weeks, notably the exchange rate of Ether (ETH) against Bitcoin, which reversed from three-year highs to challenge new support.

ETH/BTC 1-hour candle chart (Bitstamp). Source: TradingView

“Overall, just a small conclusion, I think we are in buy-the-dip zones,” Cointelegraph contributor Michaël van de Poppe argued regarding the broader major-cap altcoin scene in his latest YouTube update.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

You have not selected any currency to display

Pin It on Pinterest

Ico-Investor
Coinmama
Ico-Investor
Bitcoin loses $48K on Wall Street open as trader warns altcoins look ‘rekt’ against BTC
Binance
undefined
Binance
Bitcoin impulse move toward new highs sets a fire under HYPE, ETH, XMR and AAVE
Filecoin, Lockheed Martin test IPFS in space
Solana network activity surge and ‘megaphone’ chart pattern set $210 SOL price target
Solana network and DeFi activity suggest SOL price rally will continue
Crypto Inflows Hit $882 Million as Macro Factors Offer Investors a Trading Compass
Ethereum chart pattern supports 'moon shot' rally to new price highs if confirmed — Trader
BTCC
Changelly
Bitcoin impulse move toward new highs sets a fire under HYPE, ETH, XMR and AAVE
Bitcoin Mining Stocks Continue Rally as Applied Digital Leads Friday’s Gains
Guess Who: xAI Blames a 'Rogue Employee' for 'White Genocide' Grok Posts
The Public internet is a bottleneck for blockchain — DoubleZero CEO
Blum Co-Founder Vladimir Smerkis Arrested For Suspicion of Fraud
Bitcoin impulse move toward new highs sets a fire under HYPE, ETH, XMR and AAVE
Bitcoin Mining Stocks Continue Rally as Applied Digital Leads Friday’s Gains
Guess Who: xAI Blames a 'Rogue Employee' for 'White Genocide' Grok Posts
The Public internet is a bottleneck for blockchain — DoubleZero CEO