Bitcoin drops below $ 49,000 as volume continues to decline, altcoins bloody
Bitcoin fell to $ 48,000 on Thursday and lost nearly 5% after hovering above $ 50,000 in the past two days.
The trading volume of the largest cryptocurrency by market capitalization on the centralized exchange continues to decline.
Source: CryptoCompare
Much of the crypto market is also in the red, with ether falling more than 5% to around $ 4,100. The bear market came as US stocks fell and the US dollar index (DXY), which tracks the value of the greenback against major fiat currencies, rose 0.28%.
Source: Coin360
Edward Moya, Senior Market Analyst at Oanda said:
“The long-term bullish fall remains for Bitcoin, but in the short-term everything looks bearish. An extended altcoin season and short-term bearish sentiment in risky assets as Omicron regains momentum. “
Meanwhile, Bitcoin continues to struggle below the USD 50,000 resistance.
BTC / USD 4 hour chart with support / resistance and RSI levels. Source: TradingView
Last month’s short-term downtrend remains in place, which could limit profits to over $ 50,000 to $ 60,000.
The cryptocurrency is down around 2% in the past 24 hours, although support around the 200-day moving average (currently at $ 46,500) could curb the current pullback.
BTC buying activity remains weak despite some oversold signals on the chart. This reduces the chances of a significant upward movement in the new year, especially as the upward momentum on the weekly and monthly charts is weakening.
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Bitcoin drops below $ 49,000 as volume continues to decline, altcoins bloody
Bitcoin fell to $ 48,000 on Thursday and lost nearly 5% after hovering above $ 50,000 in the past two days.
The trading volume of the largest cryptocurrency by market capitalization on the centralized exchange continues to decline.
Source: CryptoCompare
Much of the crypto market is also in the red, with ether falling more than 5% to around $ 4,100. The bear market came as US stocks fell and the US dollar index (DXY), which tracks the value of the greenback against major fiat currencies, rose 0.28%.
Source: Coin360
Edward Moya, Senior Market Analyst at Oanda said:
“The long-term bullish fall remains for Bitcoin, but in the short-term everything looks bearish. An extended altcoin season and short-term bearish sentiment in risky assets as Omicron regains momentum. “
Meanwhile, Bitcoin continues to struggle below the USD 50,000 resistance.
BTC / USD 4 hour chart with support / resistance and RSI levels. Source: TradingView
Last month’s short-term downtrend remains in place, which could limit profits to over $ 50,000 to $ 60,000.
The cryptocurrency is down around 2% in the past 24 hours, although support around the 200-day moving average (currently at $ 46,500) could curb the current pullback.
BTC buying activity remains weak despite some oversold signals on the chart. This reduces the chances of a significant upward movement in the new year, especially as the upward momentum on the weekly and monthly charts is weakening.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
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