Bitcoin Fall Below $42K
On Saturday, December 4, Bitcoin disappointed many traders with its sharp drop in price. Although already at the time of writing, BTC has rehabilitated a little and was trading at a price of $46,818.
Saturday started off badly for many traders, as Bitcoin dropped to $41,967 for the first time in a long time – the lowest level since September 30, 2021, according to TradingView.
Panic broke out in the market and leveraged positions fell apart and traders capitulated. 24-hour cross-crypto liquidation exceeded $2.5 billion.
The co-founder of the Decentrader trading platform, filbfilb, said that $50,000 will likely be resistance for a long time to come.
Analyst TechDev believes that Bitcoin has simply escaped an attack on the $40,000 support, which could cause a “bearish sentiment” if it forms weekly resistance.
“If the bullish phase of the cycle deviates significantly from history, expect any bearish phase to do the same,” he added.
Ethereum remains valid when paired with BTC
Unlike Bitcoin, this day was better for Ether (ETH). Ethereum has reached its highest levels since mid-2018.
Having lost less than Bitcoin in the crash against the dollar, ETH/BTC broke the trend and surpassed 0.0831.
All the top ten cryptocurrencies by market cap fell more than 10% against the US dollar, however, Polkadot (DOT) is the leader with 21%.