Bitcoin (BTC) fell to the Wall Street open on Dec. 13 as stocks hit a record close on Friday.
Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair sank below $ 48,000 to hit multi-day lows at the time of writing.
Stocks had been tipped to rally to all-time highs prior to the start of trading, which got off to a cold start to the day with gains slipping away.
In consecuense, Bitcoin added to losses that totaled more than $ 3,000 in 24 hours.
Therefore, Traders continued to watch for short-term sideways or consolidation movements, avoiding any outright bullish projections.
“Something like this would drive people crazy”, commented Scott Melker, known as the wolf of all the streets, in a new prediction of the charts.
“This is what I’ve been preparing for since the crash 10 days ago. I’d rather just go up, so hopefully that’s what we get.”
Others had already predicted flabby price action from 2021, offset by on-chain metrics calling for a return to market strength.
“BTC may be repeating the consolidation period it also experienced after its May 2021 crash”, added the trader and analyst Rekt Capital.
He highlighted Bitcoin’s 50-week exponential moving average (EMA) and 21-week EMA as support and resistance levels, respectively.
Bitcoin retains 40% dominance of market capitalization
Altcoins looked bleak when Bitcoin fell, raising suspicions that the return of the “alt season” might have to wait.
Bitcoin’s market cap dominance, while hovering around six-month lows, managed to rebound above 40% after a brief collapse on Thursday.
Alts look rekt. pic.twitter.com/PGRvvJdQys
– filbfilb (@filbfilb) December 13, 2021
The latest move further threatened the strongest outliers in altcoin history in recent weeks, notably Ether (ETH) against Bitcoin, which reversed from three-year highs to challenge new support.
“Overall, I think we’re in ‘buy the dip’ zones,” argued Cointelegraph contributor Michaël van de Poppe of the broader altcoin capitalization scene in his latest YouTube update.
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