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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

Bitcoin (BTC) declined as Wall Street tring opened on Dec. 13 as stocks came off Dec. 10’s record close.

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

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

Equities h been tipped to d to all-time highs prior to the start of tring, this getting off to a cold start on the day, with gains slipping.

Correspondingly, Bitcoin ded to losses that totaled over $3,000 in 24 hours.

Trers thus continued to eye sideways or consolidatory movements for the near term, steering clear of any outright bullish calls.

“Something like this would drive people nuts,” Scott Melker, known as the Wolf of All Streets, commented on a fresh chart prediction.

“This is what I have been preparing myself for since the drop 10 days ago. I would prefer Up Only, so let’s hope that’s what we get.”BTC/USD annotated chart. Source: Scott Melker/Twitter

Others h alrey called that limp price action would conclude 2021, this countered by on-chain metrics calling for a return to strength for markets.

“BTC may be repeating the consolidation period it also experienced following its May 2021 crash,” trer and analyst Rekt Capital ded on the day.

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

Bitcoin preserves 40% market cap dominance

Altcoins looked bleak as Bitcoin fell, fueling suspicions that the return of “altseason” may have to wait.

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

Bitcoin market cap dominance, while hovering near six-month lows, managed to bounce back above 40% after a brief breakdown on Dec. 9.

Alts look rekt. pic.twitter.com/PGRvvJdQys

— filbfilb (@filbfilb) December 13, 2021

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

ETH/BTC 1-hour candle chart (Bitstamp). Source: TringView

“Overall, just a small conclusion, I think we are in buy-the-dip zones,” Cointelegraph contributor Michaël van de Poppe argued regarding the broer major-cap altcoin scene in his latest YouTube update.

META
ARTICLE: Bitcoin loses $48K on Wall Street open as trer warns altcoins look ‘rekt’ against BTC
PUBLISHED: 2021-12-13 14:57:55 
SOURCE: https://cointelegraph.com/news/bitcoin-loses-48k-on-wall-street-open-as-trer-warns-altcoins-look-rekt-against-btc
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