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Bitcoin Price Nears $49,000, Cardano in Red, Ether Up


Bitcoin price went near $49,000-mark on Monday, after a sharp plunge during the weekend. The world’s prominent cryptocurrency fell 0.15 per cent in the last 24 hours to $49,031.52 at 0830 hours on December 6, according to CoinMarketCap. Cryptocurrencies started falling on Friday as stocks pulled back and investors fled to the safety of Treasuries at the Wall Street. Bitcoin, at present, is down about 30 per cent from an all-time high of nearly $69,000 achieved earlier last month.

The crypto world witnessed turbulence last week as another variant of Covid-19, omicron had emerged. On November 26, Bitcoin dropped to a seven-week low close to $54,000, officially entering bear market. Last week, the World Health Organization said the Covid-19 omicron variant has been detected in 38 countries.

“It was a bloodbath in the crypto markets with Bitcoin plumetting below $48,000 and about $1 billion being liquidated. BTC could be seen retesting the pattern on the daily time frame. The RSI indicator slid close to the 30 mark indicating that Bitcoin is being oversold. If prices fall beyond this levels, we could expect next support at $43,500-mark,” said WazirX trade desk.

“Bitcoin has seen a significant correction, over the past week falling by approximately 25 per cent, fling to lows of $42,333. This in turn flipped the sentiment in the marketplace, which means that bears are now in charge. The panic selling came after Evergrande defaulted on yet another loan, and after Bitcoin fell below its support at $53,000 over the weekend,” said ZebPay trade desk

“Bitcoin was taking support at $53,000 and was showing signs of recovery. However, the bulls were struggling to breach the resistance level of $60k and the 20 Day Moving average. The bears reacted as this weekend, it broke the support of $53,000 BTC and witnessed a massive 20 per cent fall making the low of $42,333. Post this move, the asset has seen some short covering but the prices are trading below the psychological level of $50,000. Hence, to rally BTC needs to trade and close above the resistance zone of $50,000 to $53,000,” ZebPay added.

Ether, on the other side, recovered the loss over the weekend and rose slightly on Monday. The second most popular cryptocurrency was up by 0.59 per cent to $4,164.20, according to CoinMarketCap. “Amidst the market crash, Ethereum remained ever so strong against Bitcoin. The daily trend for Ether or Bitcoin broke out of the channel pattern. Immediate support is expected around 0.077 and next resistance at 0.085 levels,” said WazirX trade desk.

Binance Coin, Tether, Solana were in red on Monday. Binance Coin tumbled 2.84 per cent to $547.80 while Solana tanked 1.45 per cent to $192.35 in the last 24 hours. Tether fell 0.08 per cent to $1.00, according to CoinMarketCap.

The global cryptocurrency market capitalisation slumped 0.94 per cent to $2.28 trillion on December 6. The total cryptocurrency market volume decreased 40 per cent to $121.67 billion in a day. The total volume in DeFi was currently at $17.87 billion, 14.69 per cent of the total crypto market 24-hour volume. The volume of all stable coins was at $94.49 billion, which was 77.66 per cent of the total crypto market 24-hour volume, according to CoinMarketCap.

Top 10 cryptocurrency prices on December 6, 2021 according to CoinMarketCap while publishing the article

Bitcoin $49,031.52 — 0.15 per cent down in 24 hours

Ethereum $4,164.20 — 0.59 per cent up in 24 hours

Binance Coin $547.80 — 2.84 per cent down in 24 hours

Tether $1.00 — 0.08 per cent down in 24 hours

Solana $192.35 — 1.45 per cent change in 24 hours

Cardano $2.26 — 0.72 per cent change in 24 hours

USD Coin $1.00 — 0.09 per cent change in last 24 hours

XRP $0.8012 — 3.17 per cent change in 24 hours

Polkadot $27.17 — 4.84 per cent down in 24 hours

Terra $64.95 — 10.11 per cent down in 24 hours

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