Cointelegraph Team
Cointelegraph
Bitcoin (BTC) kept $50,000 as a focus on Dec. 9 as consolidation on BTC/USD continued to avoid last week’s lows.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Bitcoin “appears on track”
Data from Cointelegraph Markets Pro and TradingView showed the pair acting within a small range around the $50,000 mark overnight, this yet to become firm support.
“A crucial area to hold is that region we’ve touched already at $42K. The close was above $46-47K and I’d prefer not to lose that at all.”
“Chop, chop, chop it is for Bitcoin,” Cointelegraph contributor Michaël van de Poppe wrote on the day.
Amid broadly calmer conditions despite macro markets dealing with an unprecedented debt default from China’s Evergrande property giant, analysts thus focused increasingly on longer-term phenomena to gauge Bitcoin price action’s overall health.
“Bitcoin appears on track,” popular Twitter account TechDev summarized Wednesday in an optimistic discussion comparing this year to previous post-halving years 2013 and 2017.
A frequent topic for TechDev, the relationship, conditioned by halving cycles, has survived despite the most recent drawdown from all-time highs totaling 39%.
He further agreed with separate analysis from popular trader and analyst Rekt Capital, who late last week highlighted key Fibonacci levels for Bitcoin to hold and reclaim.
Despite the similarities between cycles, however, commentators have conceded that this time, Bitcoin will likely take longer to reach its cycle peak, leaving December without a classic blow-off top.
Ether takes aim at BTC pair
Altcoins were similarly calm overnight, with the only standout in the top 10 cryptocurrencies by market cap being Terra’s LUNA token, up 11%.
Ether (ETH) was down by 1.2% at the time of writing to just above $4,300 while maintaining almost four-year highs against BTC.
ETH/BTC 1-month candle chart (Bitstamp). Source: TradingView
For Rekt Capital, $4,384 was the support level to reclaim in order to fuel a retest of ground nearer all-time highs.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.