Bitcoin falls below $ 50,000 as Evergrande defaults on dollar debt

B.itcoin (BTC) kept USD 50,000 in focus on December 9th as BTC / USD consolidation continued to avoid last week’s lows.

1-hour candlestick chart for the BTC / USD (Bitstamp) pair. Source: TradingView

Bitcoin “seems to be on the right track”

Data from Cointelegraph Markets Pro and TradingView showed the pair traded in a small area around the $ 50,000 mark overnight, which has yet to become a firm support.

“One critical zone to hold is the region we touched at $ 42,000. It closed over $ 46,000 to $ 47,000, and I would prefer not to lose.”

So amid much calmer conditions as macro markets grapple with an unprecedented debt default by Chinese real estate giant Evergrande, analysts have increasingly focused on longer-term phenomena as a way of measuring the overall health of Bitcoin price developments.

Bitcoin falls below $ 50,000 as Evergrande defaults on dollar debt
Bitcoin falls below $ 50,000 as Evergrande defaults on dollar debt

“Bitcoin seems to be on the right track,” the popular TechDev Twitter account summed up on Wednesday in an optimistic debate that compares this year with those before, after 2013 and 2017.

A common theme for TechDev is the relationship caused by halving cycles, has survived despite its recent decline from its all-time high of 39%.

Additionally, it coincided with a separate analysis by popular trader and analyst Rekt Capital, which late last week highlighted the key Fibonacci levels Bitcoin can hold and rebound.

Nevertheless, Despite the similarities between the cycles, commentators have conceded that this time around, Bitcoin will likely take longer to peak in the cycle, leaving December without a classic burst cap.

Ether targets the BTC pair

Altcoins were similarly quiet overnight, with the only one that stood out among the top 10 cryptocurrencies by market capitalization was Terra’s LUNA token, which is up 11%.

Ether (ETH) is down 1.2% at the time of writing, to just over $ 4,300, while holding near four-year highs against BTC.

ETH / BTC (Bitstamp) 1-month candlestick chart. Source: TradingView

For Rekt Capital, $ 4,384 was the level of assistance required get it back ride a new test of the terrain closest to the all-time highs.

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