Crypto

As Evergrande Fails on Its US Dollar Loan, Bitcoin Dips Below $50,000

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As Evergrande fails on its US dollar loan, Bitcoin falls below $50,000.

The recent Evergrande panic appears to be having only a minor impact on cryptocurrency markets.

On December 9, 2021, Bitcoin (BTC) remained focused on $50,000 as BTC/USD consolidation continued to avoid last week’s lows.

Bitcoin is a digital currency “shows up on the track”.

Overnight, data from Cointelegraph Markets Pro and TradingView showed the pair acting inside a modest range around $50,000, but this has yet to become firm support.”

The $42K area is a critical one to keep an eye on. I’d rather not lose anything because the closing was above $46-47K.”
On the day, Cointelegraph contributor Michal van de Poppe wrote, “Chop, chop, chop it is for Bitcoin.”

Analysts are increasingly focusing on longer-term phenomena to measure Bitcoin price action’s overall health, despite global markets struggling with a historic debt default by China’s Evergrande property giant.

“Bitcoin appears to be on pace,” said popular Twitter account TechDev on Wednesday, comparing this year to the previous post-halving years of 2013 and 2017.

The link, which is conditioned by halving cycles, has survived despite the most recent drop from all-time highs of 39 percent, according to TechDev.

He also agreed with a separate study from Rekt Capital, a popular trader, and analyst who indicated crucial Fibonacci levels for Bitcoin to hold and recoup late last week.

Excellent work. I was not aware of this. I agree with the overall strategy and vision. Also, see the 2013 macro PA for a comparison.

Despite the parallels between cycles, many have predicted that Bitcoin may take longer to achieve its cycle peak this time, leaving December without a conventional blow-off top.

Ethereum aims the BTC pair Altcoins were similarly quiet overnight, with Terra’s LUNA token, up 11%, being the only notable addition to the top 10 cryptocurrencies by market cap.

At the time of writing, Ethereum (ETH) was down 1.2 percent to slightly above $4,300, although it was still trading at four-year highs against Bitcoin (BTC).

Rekt Capital needed to recoup $4,384 to drive a retest of the ground nearer all-time highs.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.