bitcoin (BTC) fell as Wall Street markets opened on Dec. 13, with stocks closing the Dec. 10 record high.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping below $48,000 to multi-day lows at the time of writing.
Shares had been tipped to hit all-time highs ahead of the start of trading on this cold start to the day, with declining gains.
As a result, Bitcoin added to losses totaling over $3,000 in 24 hours.
Traders therefore continued to watch for short-term sideways or consolidation moves, avoiding any purely bullish calls.
“Something like that would drive people crazy,” said Scott Melker, known as the Wolf of All Streets, commented on a new graphical prediction.
“That’s what I’ve been preparing for since the crash 10 days ago. I’d prefer Up Only, so let’s hope that’s what we get.
Others had already called that soft price action would conclude 2021, which countered by on-chain metrics calling for a strong comeback of the markets.
“BTC could repeat the period of consolidation it also experienced after its May 2021 crash,” said trader and analyst Rekt Capital. added day.
He pointed to Bitcoin’s 50-week and 21-week exponential moving averages as support and resistance levels, respectively.
Bitcoin maintains 40% market cap dominance
Altcoins looked gloomy as Bitcoin fell, fueling suspicions that the return of “altseason” may have to wait.
Related: “I think BTC is ready” – 5 things to watch in Bitcoin this week
Bitcoin’s market capitalization dominance, while hovering near six-month lows, managed to rebound above 40% after a brief slump on Dec. 9.
Alts look rekt. pic.twitter.com/PGRvvJdQys
— filbfilb (@filbfilb) December 13, 2021
The latest move has again threatened the strongest outliers in altcoin history in recent weeks, including Ether’s exchange rate (ETH) against Bitcoin, which went from peaks in three years challenge new support.
“Overall, just a small conclusion, I think we are in buying zones,” Michaël van de Poppe, Cointelegraph contributor argued regarding the broader major-cap altcoin scene in his latest YouTube update.