Cryptocurrency

Bitcoin lost $48,000 at the opening of Wall Street because traders warned that altcoins looked “distasteful” to BTC

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Bitcoin (Bitcoin) Fell at the opening of Wall Street trading on December 13, as the stock market fell back from the closing record set on December 10.

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

Data from Cointelegraph Markets Pro and Transaction view It shows that BTC/USD fell below 48,000 USD to reach a multi-day low at the time of writing.

Before the start of trading, the stock market had risen to historical highs.

Correspondingly, Bitcoin has added losses totaling more than $3,000 in 24 hours.

Therefore, traders continue to pay attention to the recent sideways consolidation or consolidation trend and avoid any direct bullish calls.

“Things like this make people crazy,” Scott Melker, known as the “wolf on the street,” Comment On the new chart forecast.

“This is what I have been preparing for myself since I fell 10 days ago. I prefer Up Only, so let us hope this is what we get.”

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

Others have stated that the weak price action will end in 2021, which Refuted by on-chain indicators Call for the market to return to strength.

“BTC may be repeating the integration period experienced after the May 2021 crash,” trader and analyst Rekt Capital Add to That day.

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

Bitcoin maintains a 40% market capitalization advantage

With the fall of Bitcoin, altcoins look bleak, heightening the suspicion that the return of the “altcoin season” may have to wait.

related: “I think BTC is ready”-5 things worth watching for Bitcoin this week

Although the dominance of Bitcoin’s market value is hovering near a six-month low, it successfully rebounded to more than 40% after a brief collapse on December 9.

The latest moves in recent weeks have further threatened the stronger outliers in the altcoin story, especially the exchange rate of Ethereum (Ethereum) Against Bitcoin, from Three-year high Challenge new support.

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

“In general, it’s just a small conclusion. I think we are in the bargain-hunting zone,” Cointelegraph writer Michaël van de Poppe debate In his latest YouTube update about the broader market altcoin scene.