BTC price

Is the Bitcoin price dip toward $40K a bear trap?

Bitcoin’s sharp price drop from $44,000 has all the makings of a buy-the-dip scenario after leveraged longs get flushed out.

Bitcoin (BTC) price finally witnessed a significant 7% pullback on Dec. 11 as multiple indicators flashed sell signals and traders booked profits. Bitcoin’s ability to hold above $42,000 will determine whether this crash is a buy-the-dip opportunity or a general market reversal. 

The sharp BTC price drop observed on the daily chart corresponds with a sudden 6.5% drawdown and over $300 million long liquidations across the cryptocurrency market.

Zooming to the longer 1-day candle timeframe, however, this movement appears as a minor retracement in a more extensive bullish trend established over the past few months. Moreover, the relative strength index (RSI) has retreated into neutral territory below 70. 

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$300M crypto long liquidations — 5 things to know in Bitcoin this week

BTC price action obliterates latecomers betting on continued upside as Bitcoin analysts and miners breathe a sigh of relief.

Bitcoin (BTC) starts a key week for macro markets with a bump as the weekly close gives way to a sharp 7% BTC price correction.

The largest cryptocurrency broke down toward $40,000 in a fresh bout of volatility, reaching its lowest level in a week.

Arguably long overdue, Bitcoin’s return to test support nonetheless caught bullish latecomers by surprise, liquidating almost $100 million in longs.

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Bitcoin dominance threatens ‘likely top’ despite BTC price eyeing $45K

Bitcoin analysis suggests that all may not be well for BTC price strength as altcoins make their move.

Bitcoin (BTC) risks “rolling over” to cancel its latest uptrend, new analysis warns as altcoins surge.

In a post on X (formerly Twitter) on Dec. 9, popular analyst and social media commentator Matthew Hyland flipped cautious on BTC price action.

Bitcoin bulls kept momentum hot into the end of the week’s Wall Street trading as BTC/USD sealed new 19-month highs of $44,729 on Bitstamp on Dec. 8.

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Why is the crypto market up today?

The crypto market is up today as U.S. macroeconomic data shows a strong economy and institutional inflows into crypto continue to rise.

The crypto market is up today as Bitcoin (BTC), Solana (SOL), Cardano (ADA), Chainlink (LINK) and numerous altcoins rallied higher. The price breakout resulted in the total market cap reaching a year-to-date high of $1.59 trillion on Dec. 8.

Let’s examine three major factors influencing today’s crypto market rally.

The crypto market’s price gains in the past 24-hours follow the U.S. Bureau of Labor Statistics employment report. The report beat expectations, with the unemployment rate recording lower than the forecast of 3.9% by 0.2%.

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Markets rethink Fed rate cuts as Bitcoin circles $44K on US jobs data

Bitcoin traders are increasingly focusing on altcoins as BTC price action cools following the week’s vertical upside.

Bitcoin (BTC) tapped $44,000 after the Dec. 8 Wall Street open as United States employment data shrunk market bets on interest rate cuts.

Data from Cointelegraph Markets Pro and TradingView covered the latest BTC price action as risk assets reacted to the latest U.S. inflation cues.

Nonfarm payrolls came in above expectations at 199,000 versus 190,000, while unemployment was lower than forecast at 3.7% versus 3.9%, per an official release from the U.S. Bureau of Labor Statistics.

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Bitcoin may hit $50K on altcoin ‘FUD’ as Ethereum, Solana beat gains

Bitcoin takes a back seat on low timeframes as ETH and SOL claw back crypto market cap share from BTC.

Bitcoin (BTC) struggled to hold above $43,000 into Dec. 8 as an altcoin surge put Ether (ETH) in the spotlight.

Data from Cointelegraph Markets Pro and TradingView showed ongoing BTC price consolidation as ETH/USD added up to 7.6% in around 24 hours.

Bitcoin, having tapped new 19-month highs of $44,490 earlier in the week, now troubled market participants as both ETH and Solana (SOL) stole attention.

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‘Early bull market’ — Bitcoin price preps 1st ever weekly golden cross

Bitcoin is lining up a never-before-seen bull signal that could print on the Bitcoin chart by the start of 2024.

Bitcoin (BTC) is lining up an “early bull market” as a unique chart feature plays out for the first time in history.

In a post on X (formerly Twitter) on Dec. 7, entrepreneur Alistair Milne drew attention to Bitcoin’s first ever weekly golden cross.

Recent BTC price upside has delivered considerable profits to various Bitcoin investor cohorts, but 165% year-to-date gains are now significant for another reason.

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'Early bull market' — Bitcoin price preps 1st ever weekly golden cross

Bitcoin is lining up a never-before-seen bull signal which could print on the Bitcoin chart by the start of 2024.

Bitcoin (BTC) is lining up an “early bull market” as a unique chart feature plays out for the first time in history.

In a post on X (formerly Twitter) on Dec. 7, entrepreneur Alistair Milne drew attention to Bitcoin’s first ever weekly “golden cross.”

Recent BTC price upside has delivered considerable profits to various Bitcoin investor cohorts, but 165% year-to-date gains are now significant for another reason.

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Bitcoin HODL Waves: 2020 bull market buyers now control 16% of supply

Bitcoin buyers from the past cycle are more stubborn than ever before, data shows, even after 165% year-to-date BTC price gains.

Bitcoin (BTC) has gained a new generation of hodlers in the past three years as stubborn investors refuse to sell.

Data from the popular HODL Waves metric shows that those who bought Bitcoin in late 2020 are still sitting on their coins.

Bitcoin’s longer-term investor cohorts, also known as long-term holders (LTHs), are in no mood to decrease their exposure despite the 2023 bull run.

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Bitcoin bulls charge to $44K as week-to-date BTC price gains pass 10%

Bitcoin is leaving naysayers behind in classic bull run style, with BTC’s price arriving at multi-year resistance.

Bitcoin (BTC) clipped $44,000 later on Dec.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin applies more pressure to bears

Data from Cointelegraph Markets Pro and TradingView followed a fresh round of upside for Bitcoin as it outpaced altcoins to reach $44,011 on Bitstamp.

Taking week-to-date gains to 10%, this marked its highest levels since early April 2022 and represented a key challenge to significant resistance.

As noted by popular trader and analyst Rekt Capital, $44,000 constitutes the high point of a range that has occurred several times since early 2021.

“Bitcoin has successfully revisited the Range High resistance at ~$43900,” he continued in subsequent commentary on X (formerly Twitter).

“Bitcoin has a history of reclaiming the black level so it’s still a possibility that price could revisit the higher $40,000s. Important to watch for the retest in the meantime.”

BTC/USD annotated chart.

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