Bitcoin Dips Below $ 50,000 As Evergrande Defaults On US Dollar Debt

Bitcoin (BTC) kept $ 50,000 as a target on December 9 as consolidation on BTC / USD continued to avoid last week’s lows.

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

Bitcoin “appears on the right track”

Data from Cointelegraph Markets Pro and TradingView showed the pair was trading in a small range around $ 50,000 overnight, which has yet to become firm support.

“A crucial area to conserve is this region that we have already touched at $ 42,000. The close was over $ 46-47,000 and I would rather not lose that at all. “

“Chop, chop, chop is for Bitcoin”, Cointelegraph contributor Michaël van de Poppe wrote to the day.

In generally calmer conditions despite macroeconomic markets facing an unprecedented default by Chinese real estate giant Evergrande, analysts have therefore increasingly focused on longer-term phenomena to assess the overall health of the stock. Bitcoin prices.

“Bitcoin appears to be on the right track,” the popular TechDev Twitter account summed up on Wednesday in an optimistic discussion comparing this year to previous years after the 2013 and 2017 halving.

A frequent topic for TechDev, the relationship, conditioned by halving cycles, has survived despite the most recent drop from all-time highs totaling 39%.

He further endorsed a separate analysis by popular trader and analyst Rekt Capital, which at the end of last week highlighted the key Fibonacci levels that Bitcoin needs to hold and recover.

Despite the similarities between the cycles, however, commentators have admitted that this time around Bitcoin will likely take longer to reach its cycle peak, leaving December without a classic blowout peak.

Ether targets BTC pair

Altcoins were equally quiet overnight, with the only one that stood out in the top 10 cryptocurrencies by market cap being Terra’s LUNA token, up 11%.

Related: This Bitcoin Price Metric Just Hit ‘Oversold’ For Only 7th Time In 8 Years

Ether (ETH) was down 1.2% at time of writing to just over $ 4,300 while maintaining nearly four-year highs against BTC.

1 month ETH / BTC candle chart (Bitstamp). Source: TradingView

For Rekt Capital, $ 4,384 was the level of support for to recover in order to fuel a new field test closer to historic peaks.

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