Daily Bitcoin losses close to $4,000 with S&P 500 hitting 69th all-time high of 2021


Bitcoin (BTC) dropped nearly $4,000 on Dec. 28, as the market offered a strong reminder that the rally would have to wait.

BTC Analysts Target $44,000

1h BTC/USD (Bitstamp) chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting lows of $48,335 on Bitstamp at the December 28 Wall Street opening.

The pair had passed $52,000 the day before, marking a three-week high, before seller pressure impeded progress.

As of this writing, Bitcoin has circulated $49,000 as traders took the opportunity to remind the public of Bitcoin’s continuous active band.

“Humans are optimistic about resistance. It’s one thing,” summarized Scott Melker.

“Still varying. Nothing has changed.”

The $52,000 trip actually failed to attack any of the price levels previously identified as tipping points, notably $53,000 – Bitcoin’s $1 trillion market value mark.

Meanwhile, popular trader Pentoshi identified $44,000 as a potential floor should the downtrend accelerate. Slightly longer timeframes offered a similar perspective based on recent behavior.

4hr BTC:

The fulcrum around which the price is rotating.

Jump or go back to the bottom of the channel? pic.twitter.com/BTJR5rN87I

– Nunya Bizniz (@Pladizow) December 28, 2021

Zooming out, however, had bearish considerations on the horizon. William Clemente, Blockware’s lead insight analyst, identified a potential repeat behavior immediately following the 2017 high record, which led to a full year of market declines.

“Judgment day is coming for the BTC”, warned he in Twitter comments.

Concerns hover over miraculous stock readings

Bitcoin therefore presented a contrast to the macro market on December 28, when the S&P 500 hit its 69th all-time high of the year.

Almost a record in itself, the stock market’s exuberance was already causing confusion among pundits worried about a potential gulf between the numbers and empirical reality.

Just to put things in perspective: the S&P 500 may close today on another ATH, it would be the 69th ATH this year, second-largest behind only 77 ATHs in 1995, but the average S&P 500 comp is 18% below the ATH, suggesting a lot of weakness under the surface. pic.twitter.com/3RsPFP1Ajs

– Holger Zschaepitz (@Sculdensuehner) December 27, 2021

As reported by the Cointelegraph, the US Federal Reserve will have a critical role to play in setting the 2022 market climate with respect to Bitcoin performance.

However, the BTC/USD faces a holiday season of low liquidity – and therefore potentially high volatility.

SEE MORE:

Follow us on social media

Follow our profile on Instagram and in the telegram to receive first-hand news!




mm

Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

Leave a Reply

Your email address will not be published.