Another Bitcoin Price Drop? BTC could fall again before “Slow Rise”,

Leverage may be gone, but Bitcoin faces an uphill battle and several potential levels of resistance on its way back to all-time highs.

Market update

Bitcoin (BTC) rebounded to nearly $ 50,000 on December 5th as traders continue to consider recent events.

Cointelegraph Markets Pro and TradingView data followed BTC / USD with less volatility as it soared to $ 49,777 on Bitstamp before consolidating.

After falling to $ 41,900 early Saturday, the pair stabilized as the market digested the recent massive debt relief that hit Bitcoin this year.

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However, for some there is every reason to be cautious and not fall back to the long-term lows.

“We fell again. CT loses and sells more. But it was miraculously acquired, ”said Lex Moskovski, CEO of Moskovski Money, suspect in a comment section on the outlook for Bitcoin.

“Merge it, slow it down a little.”

Now, that indolence doesn’t lack significant levels of support to recover: $ 50,000 and a market cap of $ 1 trillion just over $ 53,000, plus many previous all-time highs.

Meanwhile, trader and analyst Rekt Money is watching the 200-day Exponential Moving Average (EMA), a support line that has been held since August but broke on Saturday as potential sugar in the sand.

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In late September, when BTC / USD last traded at $ 42,000, there was also a test of the 200EMA and Rekt Money found that the severity of the decline is still less than it has ever been in history.

“You survived the crash -84.5% BTC BTC. They survived the -63% BTC crash in March 2020. They survived the -53% BTC crash in May 2021. You will survive this crash too, ”he said. Add.

Sufficiently discharged?

A look at the status quo of the derivatives markets shows that the financing rates at the time of going to press are either neutral or slightly negative, a clear difference compared to a few days ago.

Related: Ethereum acts as a “hedge” during the Bitcoin price crash when ETH / BTC hits a 3 year high

A significant portion of the open positions in futures were written off during the write-off and more than $ 2.5 billion in crypto accounts were liquidated.

For commentators, the question now arises as to whether enough frost has been removed to ensure steady growth again.

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The week-end, meanwhile, is said to be Bitcoin’s lowest since the beginning of October.

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