{"id":14688,"date":"2021-12-04T12:43:55","date_gmt":"2021-12-04T11:43:55","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=14688"},"modified":"2021-12-04T12:44:02","modified_gmt":"2021-12-04T11:44:02","slug":"after-a-massive-wipeout-the-price-of-bitcoin-consolidate-until-2022","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/after-a-massive-wipeout-the-price-of-bitcoin-consolidate-until-2022\/","title":{"rendered":"After a massive wipeout, the price of bitcoin could ‘consolidate until 2022.’"},"content":{"rendered":"\n
The price of Bitcoin fell back to the end of September when $2.5 billion was withdrawn from the cryptocurrency market in a huge crash<\/h5>\n\n\n\n
\"After
After a massive wipeout, the price of bitcoin could ‘consolidate until 2022.'<\/figcaption><\/figure>\n\n\n\n

On Dec. 4, Bitcoin (BTC<\/a>) was trading near $47,000 after a stunning plunge verified bulls' worst fears, with daily losses of 22%.<\/p>\n\n\n\n

\"After
BTC\/USD 1-day candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n\n\n\n

The value of cryptocurrency liquidations has surpassed $2.5 billion<\/h2>\n\n\n\n

BTC\/USD touched a local low of $41,960 on Bitstamp, according to data from Cointelegraph Markets Pro\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> and TradingView<\/use><\/svg><\/span><\/a>, its lowest since September 30.<\/p>\n\n\n\n

As panic set in<\/use><\/svg><\/span><\/a>, traders capitulated and leveraged positions unwound, resulting in $2.5 billion in 24-hour cross-crypto liquidations.<\/p>\n\n\n\n
\"After

Crypto liquidations chart. Source: Coinglass<\/em><\/figcaption><\/figure>\n\n\n\n

After the move, filbfilb, co-founder of trading platform Decentrader, highlighted<\/use><\/svg><\/span><\/a> in a new synopsis, “$50k is going to remain resistance for a significant amount of time now unless something fantastic happens.”<\/p>\n\n\n\n

“Size of dump & distribution likely to mean consolidation into Q1 next year. Moon mission is not dead but some will think cycle over.”<\/p><\/blockquote>\n\n\n\n

The magnitude of the drop obliterated certain key support levels, including Bitcoin's $1 trillion asset valuation, which was once a popular long bet.<\/p>\n\n\n\n

Concerns about traders' behavior were there as late as Friday, according<\/use><\/svg><\/span><\/a> to Cointelegraph, as statistics suggested that the market could easily be overleveraged at previous levels approaching $60,000.<\/p>\n\n\n\n

With that advantage all but gone, familiar faces remained optimistic, with Cointelegraph contributor Michal van de Poppe hailing the sub-$42,000 surge as a “low.”<\/p>\n\n\n\n

He went<\/use><\/svg><\/span><\/a> on to say, “We're still in a bull market.”<\/p>\n\n\n\n

Meanwhile, Bitcoin just avoided an attempt on $40,000 support, which would be a reason to “turn bearish” if it formed weekly resistance, according to analyst TechDev.<\/p>\n\n\n\n

“Wait. Relax. The market will disclose itself “He told his Twitter<\/use><\/svg><\/span><\/a> followers about it.<\/p>\n\n\n\n

“If cycle bull phase deviates substantially from history, expect any bear phase to do the same.”<\/p><\/blockquote>\n\n\n\n

Close week below 20W SMA (50.8) \u27a1\ufe0f Concerning
Macro LL on a weekly close (40K) \u27a1\ufe0f Flip bearish
Lose the 2W RSI Floor \u27a1\ufe0f Flip bearish

Wait. Relax. Market will reveal.

If cycle bull phase deviates substantially from history, expect any bear phase to do the same.\u00a0https:\/\/t.co\/6smUaIWlKY<\/use><\/svg><\/span><\/a>\u2014 TechDev (@TechDev_52)\u00a0December 4, 2021<\/use><\/svg><\/span><\/a><\/p><\/blockquote>\n\n\n\n

On the BTC pair, Ethereum maintains its strength.<\/h2>\n\n\n\n

On the day, Ether (ETH<\/use><\/svg><\/span><\/a>) provided a modest silver lining, as it approached a rematch of its highest levels since mid-2018.<\/p>\n\n\n\n

ETH\/BTC bucked the trend to pass 0.0831, losing less than Bitcoin in the dollar crash.<\/p>\n\n\n\n

\"After
ETH\/BTC 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n\n\n\n

However, all of the top ten cryptocurrencies by market cap were down more than 10% against the US dollar, with Polkadot (DOT<\/use><\/svg><\/span><\/a>) leading the pack with a 21% drop.<\/p>\n","protected":false},"excerpt":{"rendered":"

The price of Bitcoin fell back to the end of September when $2.5 billion was withdrawn from the cryptocurrency market in a huge crash On Dec. 4, Bitcoin (BTC) was trading near $47,000 after a stunning plunge verified bulls’ worst fears, with daily losses of 22%. The value of cryptocurrency liquidations has surpassed $2.5 billion […]<\/p>\n","protected":false},"author":29,"featured_media":13598,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5371],"class_list":["post-14688","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/11\/bitcoin-reuters-1048347-1636351643.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/14688","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=14688"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/14688\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/13598"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=14688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=14688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=14688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}