Bitcoin Price Nears $49,000, Cardano in Red, Ether Up

Bitcoin price remained stable on Monday, after sharp plunge during the weekend. The world’s prominent cryptocurrency fell 0.15 per cent in the last 24 hours to $49,031.52 at 0830 hours on December 6, according to CoinMarketCap. Cryptocurrencies started falling on Friday as stocks pulled back and investors fled to the safety of Treasuries at the Wall Street. Bitcoin, at present, is down about 30 per cent from an all-time high of nearly $69,000 achieved earlier last month.

The crypto world, however, witnessed turbulence last week as another variant of Covid-19, omicron had emerged. On November 26, Bitcoin dropped to a seven-week low close to $54,000, officially entering bear market. Last week, the World Health Organization said the Covid-19 omicron variant has been detected in 38 countries.

“It was a bloodbath in the crypto markets with Bitcoin plumetting below $48,000 and about $1 billion being liquidated. BTC could be seen retesting the pattern on the daily time frame. The RSI indicator slid close to the 30 mark indicating that BTC is being oversold. If prices fall beyond this levels, we could expect next support at $43,500-mark,” said WazirX trade desk.

“Bitcoin has seen a significant correction, over the past week falling by approximately 25 per cent, fling to lows of $42,333. This in turn flipped the sentiment in the marketplace, which means that bears are now in charge. The panic selling came after Evergrande defaulted on yet another loan, and after BTC fell below its support at $53,000 over the weekend,” said ZebPay trade desk

“Bitcoin was taking support at $53,000 and was showing signs of recovery. However, the bulls were struggling to breach the resistance level of $60k and the 20 Day Moving average. The bears reacted as this weekend, it broke the support of $53,000 BTC and witnessed a massive 20 per cent fall making the low of $42,333. Post this move, the asset has seen some short covering but the prices are trading below the psychological level of $50,000. Hence, to rally BTC needs to trade and close above the resistance zone of $50,000 to $53,000,” ZebPay added.

Ether, on the other side, recovered the loss over the weekend and rose slightly on Monday. The second most popular cryptocurrency was up 0.59 per cent to $4,164.20, according to CoinMarketCap. “Amidst the market crash, Ethereum remained ever so strong against Bitcoin. The daily trend for Ether or Bitcoin broke out of the channel pattern. Immediate support is expected around 0.077 and next resistance at 0.085 levels,” said WazirX trade desk.

Binance Coin, Tether, Solana were in red on Monday. Binance Coin tumbled 2.84 per cent to $547.80 while Solana tanked 1.45 per cent to $192.35 in the last 24 hours. Tether fell 0.08 per cent to $1.00, according to CoinMarketCap.

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