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

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Bitcoin (BTC) declined in the Wall Street opening on December 13 as shares broke Friday’s record.

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

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

Equities were inclined to add ever-higher highs before the start of trading, this starting to get cold on the day with gains sliding.

Correspondingly, Bitcoin added to losses that totaled more than $ 3,000 in 24 hours.

Traders thus continued to look sideways or consolidating movements for the near future, heading away from any direct bullish calls.

“Something like that would drive people crazy,” Scott Melker, known as the Wolf of All the Streets, commented on a recent chart forecast.

“I’ve been preparing for that since the drop 10 days ago. I’d rather be Up Only, so let’s hope that’s what we get.”

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

Others have already asked for a slow price concluding 2021, this rebatis by on-chain metrics that require a return to strength for markets.

“BTC may be repeating the consolidation period it also experienced after its May 2021 crash,” trader and analyst Rekt Capital said. added in the day.

He highlighted the 50-week exponential moving average of Bitcoin (EMA) and 21-week EMA as support and resistance levels respectively.

Bitcoin maintains 40% market dominance

Altcoins looked sad as Bitcoin fell, fueling suspicions that a return from “high season” may have to wait.

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

Bitcoin’s dominance of the market limit, while hovering near six-month lows, managed to rebound above 40% after a brief break on Thursday.

The latest move has further threatened the stronger externalities in the altcoin story in recent weeks, especially Ether (ETH) against Bitcoin, which has reversed from three-year highs to challenge new support.

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

“Overall, I think we’re in‘ buy the soaked ’zones,” said Cointelegraph co-founder Michaël van de Poppe of the broader main altcoin scene in his latest. YouTube update.