Bitcoin loses $48K on Wall Street open as trader warns altcoins look ‘rekt’ against BTC

Bitcoin (BTC), which fell as Wall Street trading opened Dec. 13, as stocks closed at Dec. 10, the record close.

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

Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD fell below $48,000 and reached multi-day lows as of the writing.

The expectation was that Equities would rise to new all-time highs before the opening of trading. However, the day got off to a slow start with gains falling and the market losing steam.

In a similar fashion, Bitcoin also added to losses totalling over $3,000 within 24 hours.

The traders remained focused on consolidatory or sideways movements in the near term and avoided any bullish calls.

Scott Melker, also known as the Wolf of All Streets commented on a new chart prediction.

“This is what I’ve been waiting for since the drop 10 day ago. Up Only would be my preference, so let’s just hope we get it.

Annotated chart of BTC/USD Source: Scott Melker/Twitter

Others have already predicted that there would be no price movement in 2021. However, on-chain metrics are calling for market strength.

Rekt Capital analyst and trader Rekt Capital said that BTC could be reliving the consolidation period it experienced after its May 2021 crash.

He cited Bitcoin’s 51-week and 21 week exponential moving averages respectively as support and resistance levels.

Bitcoin maintains 40% market dominance

Altcoins were looking bleak after Bitcoin crashed, leading to suspicions that “altseason” might have to wait.

Related: “I think BTC’s ready” — 5 things you should be watching in Bitcoin this week

While Bitcoin market cap dominance was at its lowest point in six months, it has rebounded to above 40% following a short downturn on Dec. 9.

Alts look rekt. pic.twitter.com/PGRvvJdQys
— filbfilb (@filbfilb) December 13, 2021

This latest move threatened the outliers in altcoin’s story, particularly the exchange rate for Ether (ETH) to Bitcoin. It reversed from its three-year highs and now faces new support.

BITSTAMP: ETH/BTC 1-hour candle charts Source: TradingView

Michael van de Poppe, a Cointelegraph contributor, stated that “Overall, just one small conclusion, we are in buy the-dip zones.” In his latest YouTube update, Michael van de Poppe addressed the wider major-cap altcoin market.

https://cointelegraph.com/news/bitcoin-loses-48k-on-wall-street-open-as-trader-warns-altcoins-look-rekt-against-btc