Bitcoin (Bitcoin) On December 4, the transaction price was close to 47,000 USD, after a sudden crash confirmed the worst nightmare for bulls, losing 22% daily.

Crypto liquidation exceeds 2.5 billion U.S. dollars

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD hit a local low of $41,960 on Bitstamp-this is the lowest point since September 30.

As Panic started, Leveraged positions were closed, traders surrendered, and cross-crypto clearing exceeded 2.5 billion U.S. dollars in 24 hours.

Filbfilb, the co-founder of trading platform Decentrader, said: “Unless you are interested in the unthinkable, $50,000 may now become a resistance level for a long time.” Summarize In the new summary after moving.

“The scale of dumping and distribution may mean merging into the first quarter of next year. The mission to the moon is not over, but some people will consider looping.”

The scale of the decline erased some important support levels, including Bitcoin’s $1 trillion asset valuation, which used to be a popular choice for long-term betting.

As Cointelegraph ReportConcerns about the behavior of traders emerged last Friday, as data showed that the market could easily be over-leveraged at previous levels close to $60,000.

With this leverage now almost disappearing, and the optimism in familiar faces still exists, Cointelegraph writer Michaël van de Poppe declared the peak of less than $42,000 as a “bottom”.

“We are still in a bull market,” he said Add to.

Analyst TechDev said that at the same time, Bitcoin has just avoided an attack on the $40,000 support level. If it forms weekly resistance, this will become a “bearish” reason.

“Wait. Relax. The market will reveal,” he Tell Twitter fans.

“If the bull market phase of the cycle is very different from history, it is expected that any bear market phase will be the same.”

This week’s close is below 20W SMA (50.8) ?? About
Macro LL (40K) at the close of each week ?? Flip bearish
Lose the 2W RSI bottom line?? Flip bearish

wait. relax. The market will be revealed.

If the bull market phase of the cycle is very different from history, it is expected that any bear market phase will be the same. https://t.co/6smUaIWlKY

— TechDev (@TechDev_52) December 4, 2021

Ethereum maintains the strength of the BTC pair

A little glimmer of hope comes from the ether (Ethereum), which is close to the highest level since mid-2018.

related: As analysts weigh the Bitcoin bear market, Ethereum is “about to become parabolic” against Bitcoin

ETH/BTC fell less against the US dollar in the crash than Bitcoin, but broke through 0.0831 against the trend.

All the top ten cryptocurrencies by market capitalization fell more than 10% against the U.S. dollar, but Polkadot was the lead (point) twenty one%.