The latest Evergrande panic appears to have a limited impact on the cryptocurrency market as BTC falls below $50k.
On December 9, Bitcoin (BTC) remained focused on $50,000 as BTC/USD consolidation continued to avoid last week’s lows.
Bitcoin “seems to be on track”
According to data from Cointelegraph Markets Pro and TradingView, the pair has been trading in a modest range of around $50,000 overnight, although this has yet to become firm support.
On the day, Cointelegraph contributor Michal van de Poppe wrote, “Chop, chop, chop it is for Bitcoin.”
Analysts are increasingly focusing on longer-term phenomena to measure Bitcoin’s price action’s overall health, despite global markets struggling with a historic debt default by China’s Evergrande property giant.
“Bitcoin appears to be on pace,” said popular Twitter account TechDev on Wednesday, comparing this year to the previous post-halving years of 2013 and 2017.
The link, which is conditioned by halving cycles, has survived despite the most recent drop from all-time highs of 39 percent, according to TechDev.
He also agreed with a separate study from Rekt Capital, a popular trader and analyst, who indicated crucial Fibonacci levels for Bitcoin to hold and recoup late last week.
Very good work. Didn’t see that. Agree with the positioning and the outlook. See also the track track with the 2013 PA macro.
– TechDev (@ TechDev_52) December 8, 2021
Despite the parallels between cycles, many have predicted that Bitcoin may take longer to achieve its cycle peak this time, leaving December without a conventional blow-off top.
Ether is aiming for the BTC/ETH pair
Altcoins were similarly quiet overnight, with Terra’s LUNA token, which was up 11%, being the only one in the top ten by market cap.
For the 7th time in 8 years, this Bitcoin price gauge has reached ‘oversold’ status.
At the time of writing, Ether (ETH) was down 1.2 percent to slightly above $4,300, although it was still trading at four-year highs against Bitcoin (BTC).
Rekt Capital needed to recoup $4,384 in order to drive a retest of the ground nearer all-time highs.