The new Evergrande scare appears to be having a limited impact on the crypto markets.
Bitcoin (BTC) kept $ 50,000 in the spotlight on Dec 9 as consolidation in BTC / USD continued to avoid last week’s lows.
1 hour BTC / USD candlestick chart (Bitstamp). Source: TradingView
Bitcoin is “on the right track”
Data from Cointelegraph Markets Pro and TradingView indicate that the pair has been in a range around the $ 50K mark overnight, and this has not yet become solid support.
“The most important area for retention is the region that we have already touched at the level of 42 thousand dollars. The close was above $ 46-47 thousand, and I would prefer not to lose it at all. “
“Rub it, rub it, rub it for Bitcoin,” wrote Cointelegraph author Michael van de Poppe that day.
Now, in a quieter environment, analysts have focused on longer-term developments in order to assess the overall health of bitcoin, despite the fact that macro markets are dealing with an unprecedented default on debt from the Chinese real estate giant Evergrande.
“Bitcoin seems to be on the right track,” the famous TechDev Twitter account summed up on the eighth in a fairly upbeat discussion.
A frequent topic for TechDev, the relationship, driven by the halving of cycles, has persisted despite the recent decline from all-time highs of 39%.
The expert also agreed with the analysis carried out by the popular trader and analyst at Rekt Capital. At the end of last week, he outlined the key Fibonacci levels that Bitcoin should hold and recover from.
However, despite the similarities between the cycles, commentators admitted that Bitcoin will likely take longer to peak again this time around, leaving December without its classic recoil high.
Ether is targeting a pair of BTC
Altcoins were also calm that night, with the only outstanding cryptocurrency in the top 10 by market cap was Terra token (LUNA), which rose 11%.
ETH fell to just over $ 4,300, while maintaining nearly four-year highs against BTC.
1 month ETH / BTC candlestick chart (Bitstamp). Source: TradingView
For Rekt Capital, $ 4,384 was a support level that needs to be recovered to support retesting of the ground closer to all-time highs
Posted by Anastasia Zapolskaya, analyst at Freedman Сlub Crypto News
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