Bitcoin Drops $48K on Wall Street

Bitcoin fell when the Wall Street trading opened on December 13th. The shares closed at a record high on December 10th. Data from TradingView and Cointelegraph Markets Pro show that BTC/USD is falling below $48,000 to reach the multi-day minimum. Bitcoin added a loss that was over $3,000 in 24 hours.

Traders continued to record lateral or merger movements in the immediate term to avert any apparent rise call. Part of the analysts predicts that the reduced price action will continue until the end of 2021. However, this was opposed by chain metrics, which demanded a return to market strength.

According to an analyst at Rekt Capital, BTC may repeat the consolidation period it experienced after the May 2021 crash. He highlighted the 50- and 21-week exponential moving averages of Bitcoin as resistance and support levels.

Bitcoin is the Dominant Market Capitalist

Altcoins looked vague when Bitcoin fell. This reinforced suspicions that the return of the alt-season might take time. The influence of BTC market capitalization, regardless of being adjacent to the six-month below, managed to boost above 40% after a brief decline on December 9th. The move has threatened the most influential figures in Altcoin history in recent weeks; Especially the exchange rate. Ether vs. Bitcoin changed from a three-year rate to challenge new support.

There are just two weeks left until the end of the year. The kind of breakthroughs observed in 2013-2017 is unlikely to recur. In parallel, a meeting of the Federal Open Market Committee could provide information on the future of quantitative easing and the speed at which asset purchases are “shrinking.”

Against the backdrop of the constant risk of coronavirus consequences and the inflationary environment, the Fed faces a balancing act regarding the credibility of the policies it has chosen. Some believe the meeting is far more potentially disruptive to crypto markets than last week’s Consumer Price Index data, which showed the highest U.S. inflation since 1982. The ING note says that the Fed will announce an acceleration of QE cuts to $60 billion at next week’s meeting. They also predict a further reduction of $30 billion in February.

Conclusion

Bitcoin seems to have disappointed many analysts this year who hoped the most popular currency would conquer the peaks. It seems that BTC failed to fix the 6-digit figure. However, what will happen next year? Time will tell. It is up to experts to predict at what rate 2021 will end and whether Bitcoin will progress.