Autor Cointelegraph By William Suberg

Bitcoin (BTC) traded near $47,000 on Dec. 4 after a sudden crash confirmed bulls’ worst nightmares with 22% daily losses.BTC/USD 1-day candle chart (Bitstamp). Source: TradingViewCrypto liquidations pass $2.5 billionData from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting local lows of $41,960 on Bitstamp — its lowest since Sep. 30.As panic set in, leveraged positions unwound and traders capitulated, 24-hour cross-crypto liquidations passing $2.5 billion.Crypto liquidations chart. Source: Coinglass”$50k is likely to be resistance for a decent amount of time now unless stonks to incredible things,” filbfilb, co-founder of trading platform Decentrader, summarized in a fresh synopsis after the move. “Size of dump & distribution likely to mean consolidation into Q1 next year. Moon mission is not dead but some will think cycle over.”The scale of the dip wiped out some important support levels, including Bitcoin’s $1 trillion asset valuation — previously a popular choice for long bets.As Cointelegraph reported, concern over traders’ behavior was present as recently as Friday, as data showed that the market could easily be overleveraged at previous levels nearer $60,000.With that leverage now all but flushed out, optimism among familiar faces remained, with Cointelegraph contributor Michaël van de Poppe announcing the sub-$42,000 spike as a “bottom.””We’re still in a bull market,” he added.Bitcoin meanwhile just avoided an attack on $40,000 support, something which would be a reason to “flip bearish” should it form weekly resistance, analyst TechDev said.”Wait. Relax. Market will reveal,” he told Twitter followers. “If cycle bull phase deviates substantially from history, expect any bear phase to do the same.”Close week below 20W SMA (50.8) ➡️ ConcerningMacro LL on a weekly close (40K) ➡️ Flip bearishLose the 2W RSI Floor ➡️ Flip bearishWait. Relax. Market will reveal.If cycle bull phase deviates substantially from history, expect any bear phase to do the same. https://t.co/6smUaIWlKY— TechDev (@TechDev_52) December 4, 2021Ethereum preserves strength on BTC pairA small silver lining came from Ether (ETH) on the day, which neared a rematch of its highest levels since mid 2018. Related: Ethereum ‘about to go parabolic’ against Bitcoin as analysts weigh BTC bear caseLosing less than Bitcoin in the crash versus the dollar, ETH/BTC bucked the trend to pass 0.0831.ETH/BTC 1-hour candle chart (Bitstamp). Source: TradingViewAll of the top ten cryptocurrencies by market cap were down over 10% against the U.S. dollar, however, led by Polkadot (DOT) with 21%.

Bitcoin (BTC) was on repeat on Dec. 2 as markets watched another attack on $60,000 end in defeat.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView“Nothing has changed”Data from Cointelegraph Markets Pro and TradingView showed BTC/USD back at $57,000 Thursday, having come full circle in 24 hours.The pair had briefly hit $59,000 into the Wall Street open the day prior, this failing to hold as another round of macro triggers skewed sentiment to the downside once more.Bitcoin thus fell in line with stocks reacting, it seemed, to continued concern over the new coronavirus omicron variant. The S&P 500 ended the day down 1.2%.With a sense of frustration pervading crypto markets, analysts took the opportunity to reassert a longer-range perspective.“It’s very simple. Below $60K I’ve remained cautious/bearish as I’d like to see that area flip,” Cointelegraph contributor Michaël van de Poppe summarized. “Levels to watch for buys; $53K-54K zone and $47-50K zones for Bitcoin. When to buy altcoins? December. Nothing has changed past weeks.”Those buy target lows were accompanied by renewed predictions for this cycle’s bullish peak, which, as in April this year, place BTC/USD at up to $400,000.Reminder, peak high bull cycle prediction; #Bitcoin to $350,000-450,000#Ethereum to $10,000-17,500#Polkadot to $250-350#Chainlink to $250-350#Cardano to $10-20#Zilliqa to $5-7#Elrond to $1.500-1.750 (already hit – > revised now)#DIA to $50-75Some might be conservative. https://t.co/rgZOEyljC0— Michaël van de Poppe (@CryptoMichNL) December 1, 2021Fellow analyst TechDev, eyeing Fibonacci levels on the two-week chart, also described Thursday as “another day to zoom out.”Open interest stays near all-time highsOn exchanges, open interest, meanwhile, remained a source of concern due to its sheer volume relative to price action.Related: Bitcoin fails ‘worst-case scenario’ monthly close for the first time, starts December sub-$57KData from on-chain analytics firm Glassnode showed open interest on Bitcoin futures recently matching its second-highest levels in history, nearing its April record.“At some point, this open interest is going to get flushed out one direction or the other,” analyst William Clemente commented.Bitcoin futures open interest 7-day moving average chart. Source: William Clemente/TwitterWith cyclical price action characterizing the week, the mood thus stayed favoring an ultimate exit up or down, with derivatives structures being “reset” as a result. Funding rates were mostly neutral across exchanges Thursday.