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Bitcoin falls below $ 48,000: old season has yet to wait



Bitcoin ( BTC ) fell to open Wall Street December 13th after stocks hit a record high on December 10th.


Data from Cointelegraph Markets Pro and TradingView  show the BTC / USD pair fell below $ 48,000 and had hit a multi-day low at press time.


In the run-up to the start of trading, stocks were expected to climb to a new all-time high. However, these fell slightly at the beginning.


Accordingly, Bitcoin has also lost over $ 3,000 in total within 24 hours.


Traders therefore continue to expect stagnation or consolidation in the near future and are reluctant to make bullish forecasts.


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



"I've been preparing for that since the break-in 10 days ago. I'd prefer it to be clearly up, so let's hope we get that too."

Analysts had already forecast that 2021 would end with a weak share price development. This has been weakened by the on-chain indicators , which are signaling renewed strength in the markets.


"BTC could repeat the phase of consolidation it saw after the slump in May 2021," added the trader and analyst Rekt Capital.


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


Bitcoin still dominant: market share at 40 percent

Things looked bleak for altcoins when Bitcoin fell. This suggests that a return to the "old season" may still take some time.



Bitcoin market capitalization is hovering near a six-month low, but was able to recover to over 40 percent after a brief slump on December 9th.


 The latest move threatened the Altcoins, which have outperformed the rest of the last few weeks. The price between Ether ( ETH ) and Bitcoin in particular suffered a bit as it fell from a three-year high to a support.


"Overall, I think we have a buying opportunity right now," said Cointelegraph employee Michaël van de Poppe regarding Altcoins in his latest YouTube update .

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