Bitcoin »The price of BTC could retreat before the next recovery

Another Bitcoin price drop? BTC could pull back before ‘slowdown’, analyst warns

The leverage may be gone, but Bitcoin faces an uphill struggle and several levels of potential resistance on the way back to all-time highs.

The price of Bitcoin (BTC) rallied to nearly $ 50,000 USD on December 5, as traders continued to take stock of recent events.

Bitcoin 1-hour chart (BTC / USD)

Source: TradingView

After falling to $ 41,900 USD early on Saturday, the price of Bitcoin leveled off as the market took in what was the latest giant deleveraging event to hit BTC this year.

bitcoin twitter will clemente

For some, however, there were many reasons to remain cautious and not expect another wave of long-term lows.

“We are diving once more. CT loses its shit and sells more. But he miraculously redeemed himself, ”predicted Lex Moskovski, CIO of Moskovski Capital, in part of comments on the prospects for Bitcoin.

Now there is no shortage of significant support levels to recover from that sluggishness: $ 50,000 USD and the USD 1 trillion market cap area of ​​just over $ 53,000 USD, as well as several all-time highs.

Meanwhile, trader and analyst Rekt Capital envisioned the 200-day exponential moving average (EMA), a support line that had held since August but was broken during Saturday’s decline, as a potential line in the sand.

rekt capital bitcoin twitter

In late September, when Bitcoin last traded at the $ 42,000 USD level, a test of the EMA-200 moving average was also conducted, and Rekt Capital noted that the severity of the decline was still pale compared to previous ones. in the history.

“You survived the -84.5% BTC bearish dip. It survived the -63% BTC drop in March 2020. It survived the -53% BTC drop in May 2021. It will also survive this drop, ”he added.

Enough emptied?

A review of the status quo in derivatives markets showed neutral or slightly negative funding rates at the time of writing this report, a marked difference from a few days ago.

A significant portion of the open interest on the futures contracts was eliminated during deleveraging and more than $ 2.5 billion was settled in trading accounts.

The question for traders now was whether enough foam had been removed to ensure a return to steady growth.

open bitcoin interest twitter 05122021

The weekly close appeared to be the lowest for Bitcoin since early October.

Par William Suberg, Cointelegraph

William Suberg got into Bitcoin while completing his master’s degree and hasn’t looked back since, writing about everything cryptocurrency that makes him sit back and get your attention. He started working with Cointelegraph in October 2013.

The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you need to do your own research when making a decision.

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Disclaimer: The information and opinions in this report are provided for general information only and do not constitute an offer or a solicitation to buy or sell currency or CFD contracts. Although the information contained in this document has been taken from sources considered reliable, the author does not guarantee its accuracy or completeness, and does not assume responsibility for any direct, indirect or consequential damages that may result from the fact that someone trusts such information.

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