Bitcoin price continues to drop below $ 47,000; while Terra (LUNA) rises near the record high

The recent Bitcoin price also exhibits fair volatility. It failed at $ 51,000 on December 12, and the bears pushed it down another few thousand dollars in the days that followed. At the time of writing, BTC is changing hands at $ 46,543.

BTC / USD 4-hour chart | Source: TradingView

Bitcoin price is under $ 47,000

After the uncertainties earlier in the week, including the Federal Reserve’s decision to back off its pandemic stimulus efforts and concerns about the Omicron variant of the coronavirus, the crypto market was largely calm as the week ended.

Bitcoin is trading at around $ 47,000 at press time. Trading volume on the main centralized exchanges was low over the weekend. The most recent decline culminated in two consecutive falls below $ 46,000 and the most recent came yesterday. BTC responded well to the dumping 24 hours ago, rising to $ 48,000 but then falling below $ 47,000. As a result, its market cap remains below $ 900 billion.

While the BTC price remained largely unchanged over the weekend, the altcoin market made big moves, both positive and negative. Altcoins have suffered quite a bit since the beginning of December and especially since the massive crash two weeks ago. Ethereum rose from nearly $ 4,700 to $ 3,500 in a single day, and while it has rallied sharply since then, it remains below $ 4,000.

Avalanche (AVAX) price is down 7% in the past 24 hours while Terra (LUNA) hit a high of $ 79.09 – just below its all-time high from early December. Increase. As a result, LUNA DOT pushed out of the top 10.

“LUNA (+ 16%), MANA (+ 11%), HBAR (+ 11%) and Connection (+ 8%) made headlines for an astonishing 24-hour performance of the top 100 assets in Krypto-Tod. Whether the altcoin party continues depends on whether BTC’s online and social indicators show a bullish divergence, “Santiment said.

The source: mood

With traditional markets opening on Monday, investors, including those in cryptocurrencies, will continue to watch how the Omikron could affect global economic activity.

The loss of bullish momentum on the weekly chart is worrying. Several unsuccessful attempts to hit an all-time high near $ 69,000 suggest that the broader uptrend is wearing off. BTC is at a critical point and remains vulnerable to another 20% decline unless buyers can hold current support levels. The total capitalization of the crypto market is $ 2.188 trillion and the bitcoin dominance is 40.3%.