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


Bitcoin (BTC) declined as Wall Avenue buying and selling opened on Dec. 13 as shares got here off Dec. 10’s report shut.

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

Knowledge from Cointelegraph Markets Pro and TradingView confirmed BTC/USD diving under $48,000 to achieve multi-day lows on the time of writing.

Equities had been tipped so as to add to all-time highs previous to the beginning of buying and selling, this getting off to a chilly begin on the day, with positive factors slipping.

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

Merchants thus continued to eye sideways or consolidatory actions for the close to time period, steering away from any outright bullish calls.

“One thing like this might drive folks nuts,” Scott Melker, often called the Wolf of All Streets, commented on a contemporary chart prediction.

“That is what I’ve been making ready myself for for the reason that drop 10 days in the past. I would like Up Solely, 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 energy for markets.

“BTC could also be repeating the consolidation interval it additionally skilled following its Might 2021 crash,” dealer and analyst Rekt Capital added on the day.

He highlighted Bitcoin’s 50-week and 21-week exponential shifting averages as assist and resistance ranges, respectively.

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Bitcoin preserves 40% market cap dominance

Altcoins appeared bleak as Bitcoin fell, fueling suspicions that the return of “altseason” might have to attend.

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

Bitcoin market cap dominance, whereas hovering close to six-month lows, managed to bounce again above 40% after a short breakdown on Dec. 9.

The most recent transfer additional threatened the stronger outliers within the altcoin story in current weeks, notably the trade fee of Ether (ETH) towards Bitcoin, which reversed from three-year highs to problem new assist.

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

“Total, only a small conclusion, I believe we’re in buy-the-dip zones,” Cointelegraph contributor Michaël van de Poppe argued concerning the broader major-cap altcoin scene in his newest YouTube replace.