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Bitcoin loses $48K on Wall Street open as trader warns altcoins look ‘rekt’ against BTC

Bitcoin loses $48K on Wall Street open as trader warns altcoins look ‘rekt’ against BTC
Written by publisher team

Bitcoin (BTC) plunged with the opening of trading on Wall Street on December 13 with stocks breaking out of the record close on December 10.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD dived below $48,000 to reach multi-day lows at the time of writing.

Stocks tended to add to all-time highs before trading started, and this got off to a cool start to the day, with gains slipping.

In contrast, Bitcoin added to losses totaling more than $3,000 in 24 hours.

Thus traders continue to look to the side or consolidating moves in the near term, avoiding any outright bullish calls.

Scott Melker, better known as the Wolf of All Streets, hung On a new chart prediction.

“This is what I have been preparing myself for since dropping 10 days ago. I prefer using Up Only, so let’s hope this is what we get.”

Annotated BTC/USD chart. Source: Scott Melker / Twitter

Others had already called that limp price action would end in 2021, that Tackle on chain metrics Calling for the markets to return to strength.

“BTC may repeat the consolidation period it also had after its collapse in May 2021,” trader and analyst Rekt Capital added Per day.

It highlighted Bitcoin’s 50-week and 21-week exponential moving averages as support and resistance levels, respectively.

Bitcoin maintains 40% market cap control

Altcoins looked bleak with the fall of Bitcoin, raising suspicions that the return of the “altseason” may have to wait.

Related: “I think BTC is ready” – 5 things to watch in Bitcoin this week

Bitcoin’s market cap dominance, while hovering near six-month lows, has managed to bounce back above 40% after a brief crash on December 9.

The latest move threatened the strongest outliers in the altcoin story in recent weeks, notably the exchange rate of Ether (ETH) against Bitcoin, which has reversed from three-year highs to challenge new support.

1 hour ETH/BTC candlestick chart (Bitstamp). Source: TradingView

“Overall, just a small conclusion, I think we’re in dip buying territory,” Cointelegraph contributor Michael van de Poppe said regarding the broader cryptocurrency scene in his latest YouTube update.