Due to Evergrande defaulting on US dollar debts, Bitcoin fell below US$50,000


Bitcoin (Bitcoin) Keep USD 50,000 as the focus on December 9th, as the BTC/USD consolidation continues to avoid last week’s lows.

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

Bitcoin “appears on track”

Data from Cointelegraph Markets Pro with Transaction view It shows that the currency pair is operating in a small range around 50,000 USD overnight, which has not yet become a firm support.

“A key area to hold is that we have reached the $42,000 area. The closing price is higher than $46-47,000, and I don’t want to lose it at all.”

“Chop, hack, hack it for Bitcoin,” Cointelegraph writer Michaël van de Poppe wrote That day.

Although the macro market is facing a severe situation, the overall situation tends to be calm Unprecedented debt default Therefore, analysts from China’s Evergrande real estate giant are paying more and more attention to long-term phenomena to gauge the overall health of Bitcoin price trends.

“Bitcoin seems to be on the right track,” the popular Twitter account TechDev concluded in an optimistic discussion on Wednesday, comparing this year with 2013 and 2017 after the previous halving.

Although it has recently fallen by 39% from an all-time high, this relationship affected by the cycle halving is still a common topic in TechDev.

He further agreed with a separate analysis by popular trader and analyst Rekt Capital, who emphasized the key Fibonacci levels of Bitcoin holdings and withdrawals late last week.

Despite the similarities between cycles, however, critics have recognize This time, Bitcoin may take longer to reach its cycle peak, and there will be no classic peak in December.

Ether targets BTC pair

Altcoins were equally calm overnight. The only one that stood out among the top 10 cryptocurrencies by market capitalization was Terra’s LUNA token. Up 11%.

related: This Bitcoin price indicator is only “oversold” for the 7th time in 8 years

Ether (Ethereum) Fell 1.2% to just over $4,300 at the time of writing, while maintaining a nearly four-year high against BTC.

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

For Rekt Capital, 4,384 USD is support Recycle In order to retest the ground close to historical highs.