Cryptocurrency

As the S&P 500 Index hits the 69th all-time high in 2021, Bitcoin loses close to $4,000 per day

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Bitcoin (Bitcoin) It fell by nearly $4,000 on December 28th because the market strongly reminded the bull market to wait.

BTC analysts follow $44,000

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

Data from Cointelegraph Markets Pro and Transaction view It shows that BTC/USD hit a low of $48,335 on Bitstamp at the opening of Wall Street on December 28.

The currency pair broke through $52,000 the previous day and hit a three-week high, after which seller pressure prevented progress.

At the time of writing, as traders took this opportunity to remind viewers of the continued active range of Bitcoin, the price of Bitcoin was $49,000.

“People are bullish on resistance. It’s one thing,” Scott Melk Summarize.

“Still within range. Nothing has changed.”

The $52,000 journey did not hit any price level previously identified as a turning point, especially the $53,000-Bitcoin’s $1 trillion market value mark.

At the same time, the popular trader Pentoshi Sure If the downward trend accelerates, $44,000 is a potential bottom line. Based on recent behavior, a slightly longer time frame provides a similar outlook.

However, within the narrowing range, bearish considerations appeared on the horizon. William Clemente, Blockware’s chief insight analyst, found that after hitting a record high in 2017, there may be repetitive behaviors immediately, which led to a year-long bear market.

“BTC Judgment Day is coming soon,” he said warn In the Twitter comments.

Worries about miracle stock readings hang over

Therefore, Bitcoin is in sharp contrast with the macro on December 28, as the S&P 500 index hit the 69th all-time high this year.

related: Despite a 70% increase in 2021, veteran Bitcoin holders are still selling record low Bitcoins

The stock market boom is almost a record in itself, and it has aroused the dissatisfaction of experts, who worry about the potential gap between the numbers and the empirical reality.

As Cointelegraph reported, the United States The Fed will play a decisive role When it comes to Bitcoin’s performance, it will play a role in shaping the market environment in 2022.

However, at the same time, BTC/USD is facing low liquidity—and therefore potentially high volatility—holidays.