Bitcoin price rebounded to nearly $ 50,000 on December 5th as traders continue to consider recent events.
BTC / USD 1-hour chart | Source: TradingView
Data from TradingView shows that Bitcoin was less volatile as it rose to $ 49,777 before consolidation.
After falling to $ 41,900 on Saturday morning, the pair stabilized as the market completed the last massive leveraged deletion to hit Bitcoin this year.
Analyst Will Clemente has tweets:
“Regarding what happened last night: Open interest accumulated over many weeks + positive financing rate and low weekend liquidity (ie thin order book) created the perfect storm for a longer liquidation. If the book is thin, compulsory liquidations are carried out, which leads to a drop in prices. ”
However, for some there is every reason to be cautious, and the possibility of further declines to long-term lows is not out of the question.
Lex Moskovski, CEO of Moskovski Capital, suspect in a comment section on the Bitcoin outlook.
“BTC is falling again in price. CT loses and sells more. But it was miraculously acquired. ”
“Consolidation before slow increase”
This slow rally needs to regain key levels of support: $ 50,000 and a market cap of $ 1 trillion just over $ 53,000, plus many previous all-time highs.
Meanwhile, trader and analyst Rekt Capital is looking at the 200-day exponential moving average (EMA), a support line held since August but broken on Saturday, as the critical limit.
The source: Rect capital
In late September, when BTC was last trading at $ 42,000, the price tested the 200 EMA and Rekt Capital. Note the severity of this decline compared to earlier times in history.
“They survived the BTC bear market with -84.5%. They survived the -63% crash in March 2020. They survived the -53% crash in May 2021. You will also survive this fall. ”
Has it been released yet?
This is shown by a look at the status quo on the futures markets Funding rate Neutral or slightly negative at the time of writing, significantly different from a few days ago.
A large number of Open Interest (OI) in the futures market were wiped out during the unwinding of leverage, and accounts worth over $ 2.5 billion were liquidated.
For commentators, the question now arises as to whether enough open interest has been reduced to ensure steady growth again?
Open interest flushed enough? pic.twitter.com/jnvrqRPDot
– Nunya Bizniz (@Pladizow) December 4, 2021
Meanwhile, the weekly close is expected to hit Bitcoin’s lowest level since early October.
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Bitcoin could fall again before a slow spike
Bitcoin price rebounded to nearly $ 50,000 on December 5th as traders continue to consider recent events.
BTC / USD 1-hour chart | Source: TradingView
Data from TradingView shows that Bitcoin was less volatile as it rose to $ 49,777 before consolidation.
After falling to $ 41,900 on Saturday morning, the pair stabilized as the market completed the last massive leveraged deletion to hit Bitcoin this year.
Analyst Will Clemente has tweets:
“Regarding what happened last night: Open interest accumulated over many weeks + positive financing rate and low weekend liquidity (ie thin order book) created the perfect storm for a longer liquidation. If the book is thin, compulsory liquidations are carried out, which leads to a drop in prices. ”
However, for some there is every reason to be cautious, and the possibility of further declines to long-term lows is not out of the question.
Lex Moskovski, CEO of Moskovski Capital, suspect in a comment section on the Bitcoin outlook.
“BTC is falling again in price. CT loses and sells more. But it was miraculously acquired. ”
“Consolidation before slow increase”
This slow rally needs to regain key levels of support: $ 50,000 and a market cap of $ 1 trillion just over $ 53,000, plus many previous all-time highs.
Meanwhile, trader and analyst Rekt Capital is looking at the 200-day exponential moving average (EMA), a support line held since August but broken on Saturday, as the critical limit.
The source: Rect capital
In late September, when BTC was last trading at $ 42,000, the price tested the 200 EMA and Rekt Capital. Note the severity of this decline compared to earlier times in history.
“They survived the BTC bear market with -84.5%. They survived the -63% crash in March 2020. They survived the -53% crash in May 2021. You will also survive this fall. ”
Has it been released yet?
This is shown by a look at the status quo on the futures markets Funding rate Neutral or slightly negative at the time of writing, significantly different from a few days ago.
A large number of Open Interest (OI) in the futures market were wiped out during the unwinding of leverage, and accounts worth over $ 2.5 billion were liquidated.
For commentators, the question now arises as to whether enough open interest has been reduced to ensure steady growth again?
Open interest flushed enough? pic.twitter.com/jnvrqRPDot
– Nunya Bizniz (@Pladizow) December 4, 2021
Meanwhile, the weekly close is expected to hit Bitcoin’s lowest level since early October.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
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According to AMBCrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page
