Bitcoin dips below $50K as Evergrande defaults on US dollar debt

Bitcoin (BTC), which kept $50,000 as a focus for Dec. 9, as consolidation on BTC/USD continued the avoidance of last weeks lows.

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

Bitcoin “appears to be on the right track”

Cointelegraph Markets Pro and TradingView data showed that the pair acted within a narrow range of the $50,000 mark overnight. This is yet to be established support.

“A critical area to hold is the region weve already touched at $42K. I would prefer to keep that close, which was over $46-47K.

Michael van de Poppe, a Cointelegraph contributor, wrote that Bitcoin was “Chop, Chop, Chop it” on the day.

While macro markets are still dealing with an unprecedented debt default by Chinas Evergrande real estate giant, the overall mood was calmer. Analysts therefore shifted their attention to longer-term phenomena to assess Bitcoins overall health.

TechDev, a popular Twitter account, stated Wednesday that Bitcoin appears to be on track. This was summarized by TechDev in an optimistic discussion that compared this year with previous post-halving years 2013, and 2017.

TechDev is a frequent subject of discussion. The relationship, which has been conditioned by halving cycles and has survived the recent drop in the total 39% from its all-time highs.

He also agreed with a separate analysis by Rekt Capital, a popular analyst and trader who highlighted key Fibonacci levels that Bitcoin should hold and reclaim late last week.

It is a beautiful work. I didnt see it. I agree with the outlook and positioning. See also the parallel to 2013 macro PA.
— TechDev (@TechDev_52) December 8, 2021

Despite the similarity between cycles, however. Commentators have acknowledged that Bitcoin will likely take longer this time to reach its peak and December will not see a classic blowoff.

Ether targets BTC-BTC pair

Altcoins were also calm overnight. Terras LUNA token was the only notable cryptocurrency in the top 10, according to market capital, and it rose 11%.

Related: The Bitcoin price metric has just reached oversold” for the 7th consecutive time in 8 years

At the time of writing, Ether (ETH), was just above $4,000.300. However, it maintained almost four-year highs in comparison to BTC.

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

Rekt Capital decided that $4,384 was the minimum support level to reclaim to allow for a retest of ground close to all-time highs.