{"id":14962,"date":"2021-12-09T13:05:37","date_gmt":"2021-12-09T12:05:37","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=14962"},"modified":"2021-12-09T13:05:48","modified_gmt":"2021-12-09T12:05:48","slug":"bitcoin-falls-below-50k-evergrande-defaults-debt","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-falls-below-50k-evergrande-defaults-debt\/","title":{"rendered":"Bitcoin Falls Below $50k as Evergrande Defaults on US Dollar Debt"},"content":{"rendered":"\n
The latest Evergrande<\/a> panic appears to have a limited impact on the cryptocurrency market as BTC falls below $50k.<\/h5>\n\n\n\n
\"Bitcoin
Bitcoin Falls Below $50k as Evergrande Defaults on US Dollar Debt<\/figcaption><\/figure>\n\n\n\n

On December 9, Bitcoin (BTC) remained focused on $50,000 as BTC\/USD consolidation continued to avoid last week's lows.<\/p>\n\n\n\n

Bitcoin “seems to be on track”<\/h2>\n\n\n\n

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.<\/p>\n\n\n\n

On the day, Cointelegraph contributor Michal van de Poppe wrote\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, “Chop, chop, chop it is for Bitcoin.”<\/p>\n\n\n\n

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<\/use><\/svg><\/span><\/a> default by China's Evergrande property giant.<\/p>\n\n\n\n

“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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

He also agreed with a separate study from Rekt Capital<\/a>, a popular trader and analyst, who indicated crucial Fibonacci levels for Bitcoin to hold and recoup late last week.<\/p>\n\n\n\n

Very good work. Didn\u2019t see that. Agree with the positioning and the outlook. See also the track track with the 2013 PA macro.<\/p>

\u2013 TechDev (@ TechDev_52)\u00a0December 8, 2021<\/use><\/svg><\/span><\/a><\/p><\/blockquote>\n\n\n\n

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.<\/p>\n\n\n\n

Ether is aiming for the BTC\/ETH pair<\/h2>\n\n\n\n

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.<\/p>\n\n\n\n

For the 7th time in 8 years, this Bitcoin price gauge has reached ‘oversold' status.<\/p>\n\n\n\n

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).<\/p>\n\n\n\n

\"Bitcoin
Bitcoin Falls Below $50k as Evergrande Defaults on US Dollar Debt<\/figcaption><\/figure>\n\n\n\n

Rekt Capital needed to recoup<\/use><\/svg><\/span><\/a> $4,384 in order to drive a retest of the ground nearer all-time highs.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":29,"featured_media":14816,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5371,5915],"class_list":["post-14962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-2","tag-evergrande-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/12\/Asian-stock-market-sell-off-on-Monday-adds-to-the-volatility-of-Bitcoin-and-cryptocurrency.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/14962","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=14962"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/14962\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/14816"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=14962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=14962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=14962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}