Bitcoin (BTC) dropped nearly $4,000 on Dec. 28 as the market offered a sharp reminder that the bull run would need to wait.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting lows of $48,335 on Bitstamp at Tuesday’s Wall Street open.
The pair had passed $52,000 the previous day, this marking a three-week high, before pressure from sellers halted progress.
At the time of writing, Bitcoin circled $49,000 as traders took the opportunity to remind audiences of Bitcoin’s ongoing active range.
“Humans get bullish at resistance. It’s a thing,” Scott Melker summarized.
“Still ranging. Nothing has changed.”
The $52,000 trip indeed failed to attack any of the price levels previously identified as turning points, notably $53,000 — Bitcoin’s $1 trillion market cap mark.
Popular trader Pentoshi meanwhile identified $44,000 as a potential floor should the downward trend accelerate. Slightly longer timeframes offered a similar outlook based on recent behavior.
https://twitter.com/Pladizow/status/1475840111459897346?ref_src=twsrc%5Etfw
Zooming out, however, and there were bearish considerations on the horizon. William Clemente, lead insights analyst at Blockware, identified a potential repeat of behavior immediately after 2017’s old all-time high which led to an entire year of bear market.
“Judgment day is coming for BTC,” he warned in Twitter comments.
Bitcoin thus presented a contrast to macro Tuesday as the S&P 500 hit its 69th all-time high of the year.
Related: Veteran Bitcoin hodlers are still selling record low amounts of BTC despite 70% gains in 2021
Almost a record in itself, stock market exuberance was already ruffling feathers among pundits concerned about a potential chasm between the numbers and empirical reality.
As Cointelegraph reported, the U.S. Federal Reserve will have a decisive role to play in shaping 2022’s market climate when it comes to Bitcoin’s performance.
In the meantime, however, BTC/USD faces a low-liquidity — and thus potentially high-volatility — holiday season.
There is good reason to be afraid. Previous down markets have seen declines in excess…
United Parcel Service, Inc. (NYSE:UPS) and FedEx Corporation (NYSE:FDX) are two robust logistics companies. Both…
Canadian crypto mining firm Bitfarms sold roughly $62 million worth of Bitcoin (BTC) in June,…
Invezz does not provide financial advice. Our aim is to simplify information about investing, enabling…
Noma, a Japanese film studio, has announced that it is producing three feature films that…
Bitcoin (BTC) saw continued strength on June 21 as Wall Street trading opened with a…