Bitcoin (BTC) Drops beneath $50K – December 9 Price Analysis

On December 9, Bitcoin focused on $50,000 as BTC/USD continued to consolidate while avoiding last week’s lows. 

Data from TradingView and Cointelegraph Markets shows BTC/USD acting inside a small price range around $50,000 overnight as the leading crypto attempted to secure the level as massive support. Michael van Poppe wrote that BTC has to hold beyond the area, as it touched $42K. The analyst hopes Bitcoin keeps past $46,000 – $47,000.

For now, market conditions remain calmer regardless of the space dealing with Chinese Evergrande real estate agents amid unprecedented debt default. That has had crypto industry analysts focusing on long-term actions to measure BTC’s price health.

Meanwhile, a well-known account on Twitter, TechDev, believes Bitcoin is on track. He summarized Wednesday trading sessions with positivity. He compared 2021 to the past post-halving years, 2013 and 2017.

The ‘relationship,’ TechDev’s frequent topic that depends on halving cycles, has survived regardless of that latest drop from ATHs totaling 39%. He also agreed with another market analysis by a renowned analyst and trader, Rekt Capital, who highlighted vital FIB levels for BTC to keep and reclaim.

Though the cycles show similarities, commentators conceded that Bitcoin might take a long to touch its cycle peak this time. That leaves December with no definitive blow-off top.

Ether Aims Bitcoin Pair

Also, alternative coins remained calm overnight, with LUNA (+11%) being the only exemption in the top ten digital cryptos by market capitalization. While publishing this analysis, Ether hovered at $4,300 as it maintains nearly 4-year highs against Bitcoin.

Rekt Capital states that Ether has to reclaim the support area at $4,384 to fuel a surge toward all-time highs.

Nevertheless, BTC’s fall beneath $50,000 means the leading coin entered a break-or-make point. Glassnode data shows BTC’s open interest rate dropped to the most down level in 2021. Moreover, analysts identified Bitcoin’s market hare dropping.

BTC saw its dominance dropping beneath 40%, exploring the lowest levels since 2018 February. As altcoins target increased share in the crypto markets, the leading crypto dropped its market dominance to 37.8%.

Meanwhile, FXStreet analysts maintain a bullish outlook for BTC, predicting a rebound for BTC to test the hurdle at $55,000.  However, Bitcoin has to encounter multiple obstacles to rise higher. What are your views? You can share them below.

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