Bitcoin remains dominant despite recent losses in the US dollar as traditional financial transactions take place.
Bitcoin (BTC) plunged on the Wall Street opening on December 13 as stocks closed a record on Friday.
1-hour candlestick chart BTC / USD (Bitstamp). Source: TradingView
Cointelegraph Marketplaces Pro and TradingView data show BTC / USD is falling below $ 48,000, hitting multi-day lows at press time.
Stocks climbed to record highs ahead of trade, which kicked off the day with a cool gain and loss.
Accordingly, Bitcoin added more than $ 3,000 to losses in 24 hours.
As a result, traders continue to watch for short-term sideways or consolidation and stay away from absolutely bullish signals.
“Something like this will drive people crazy,” said Scott Melker, better known as the werewolf of all the streets. commented on forecast on the new map.
“I’ve been preparing for this since the fall 10 days ago. I prefer Up Only, so let’s hope we get that. ”
The chart shows BTC / USD. Source: Scott Melker / Twitter
Others have called for an end to sluggish price movement in 2021, which is being countered by indicators in the chain calling for force to return to the market.
“BTC may repeat the phase of consolidation it experienced after the crash in May 2021,” said a trader and analyst at Rekt Funds. more correct date.
It marks the 50-week exponential moving average (EMA) and 21-week EMA of bitcoin as support and resistance levels, respectively.
Bitcoin retains 40% of its market cap
Altcoins look bleak when Bitcoin falls, raising suspicions that the return of altcoins may have to wait.
Related: “I Think BTC Is Ready” – 5 Things To Watch Out For Bitcoin This Week
Bitcoin’s market capitalization, hovering around a six-month low, surged more than 40% after a brief crash on Thursday.
Alts looks right. pic.twitter.com/PGRvvJdQys
– filbfilb (@filbfilb) December 13, 2021
The latest move threatens even stronger emissions in the altcoin saga in recent weeks, especially as Ether (ETH) has returned from its three-year highs over Bitcoin to challenge support again.
1-hour candlestick chart ETH / BTC (Bitstamp). Source: TradingView
“Overall, I think we are in the buyout zone,” Cointelegraph employee Michael van de Poppe said in his latest YouTube update about the broader altcoin landscape.