Bitcoin daily losses near $4K as S&P 500 hits 69th all-time high of 2021

Bitcoin
(BTC)
dropped
nearly
$4,000
on
Dec.
28
as
the
market
offered
a
sharp
reminder
that
the
bull
run
would
need
to
wait. 

BTC
analysts
eyes
$44,000


BTC/USD
1-hour
candle
chart
(Bitstamp).
Source:
TradingView

Data
from

Cointelegraph
Markets
Pro

and

TradingView
 showed
BTC/USD
hitting
lows
of
$48,335
on
Bitstamp
at
Dec.
28’s
Wall
Street
open.

The
pair
had
passed
$52,000
the
previous
day,
this
marking
a
three-week
high,
before
pressure
from
sellers
halted
progress.

At
the
time
of
writing,
Bitcoin
circled
$49,000
as
traders
took
the
opportunity
to
remind
audiences
of
Bitcoin’s
ongoing
active
range.

“Humans
get
bullish
at
resistance.
It’s
a
thing,”
Scott
Melker

summarized
.

“Still
ranging.
Nothing
has
changed.”

The
$52,000
trip
indeed
failed
to
attack
any
of
the
price
levels
previously
identified
as
turning
points,
notably
$53,000

Bitcoin’s
$1
trillion
market
cap
mark.

Popular
trader
Pentoshi
meanwhile

identified

$44,000
as
a
potential
floor
should
the
downward
trend
accelerate.
Slightly
longer
timeframes
offered
a
similar
outlook
based
on
recent
behavior.

Zooming
out,
however,
and
there
were
bearish
considerations
on
the
horizon.
William
Clemente,
the
lead
insights
analyst
at
Blockware,
identified
a
potential
repeat
of
behavior
immediately
after
2017’s
old
all-time
high,
which
led
to
an
entire
year
of
a
bear
market.

“Judgment
day
is
coming
for
BTC,”
he

warned

in
Twitter
comments.

Concerns
loom
over
miracle
equities
readouts

Bitcoin
thus
presented
a
contrast
to
macro
Dec.
28
as
the
S&P
500
hit
its
69th
all-time
high
of
the
year.



Related: Veteran
Bitcoin
hodlers
are
still
selling
record
low
amounts
of
BTC
despite
70%
gains
in
2021

Almost
a
record
in
itself,
stock
market
exuberance
was
already
ruffling
feathers
among
pundits
concerned
about
a
potential
chasm
between
the
numbers
and
empirical
reality.

As
Cointelegraph
reported,
the
United
States

Federal
Reserve
will
have
a
decisive
role

to
play
in
shaping
2022’s
market
climate
when
it
comes
to
Bitcoin’s
performance.

In
the
meantime,
however,
BTC/USD
faces
a
low-liquidity

and
thus
potentially
high-volatility

holiday
season.

read original article here