Bitcoin Takes a Tumble
On December 1, Bitcoin (BTC) decided to take a scenic route back towards its support zone at the $7,250-$7,300 range. Just when it seemed like a party was starting, the excitement fizzled like an overenthusiastic soda can. After a sudden uptick, Bitcoin dropped nearly 30% from its local high of $7,790, landing us at $7,300—a sobering 24-hour decline of 6%. Talk about a dramatic entrance!
Support Levels Under Scrutiny
As Bitcoin tested its support strength, it was reminiscent of a soap opera, with the pair tracing back to the same level it hit Sunday. Once upon a time, BTC dipped to multi-month lows of $6,500 before making a surprisingly swift rebound. This unpredictable behavior keeps traders on their toes, waiting to see if it can dance above the critical level of $7,000 or if it’ll plummet deeper into the abyss.
Gaps in Futures Market: A Wild Card
Michaël van de Poppe, a contributor to Cointelegraph, briefly turned into a market oracle, eyeing potential futex gaps that could influence Bitcoin’s future. Bitcoin has a strange knack for “filling” these gaps between trading sessions, leaving traders wondering what mysteries lie ahead. Following a slump, CME contracts finished their last trading day at around $7,805, suggesting there’s a possibility of BTC retracing back towards the coveted $8,000 mark. “I’m ready for some action at $7,400. If we break that, we could be heading for upgrades!” van de Poppe mused on Twitter.
Futures Markets: Mixed Signals
This week, the futures markets presented a mixed bag of results. Despite bullish sentiments, the price trajectory seems more like a rollercoaster than a straight shot to the moon. While CME’s monthly contracts settled on Friday hinted at potential gains, the market has showcased a stubborn reluctance to follow that lead. Meanwhile, Bakkt, another player in the market, boasted record daily volumes for its monthly contracts last week—like a silver lining on a cloud of uncertainty.
Altcoins Feeling the Heat
It wasn’t just Bitcoin struggling; many altcoins found themselves underwhelmed after a tough 24-hour stretch. Major cryptocurrencies, including Ether (ETH), experienced drops with ETH tumbling 4.2% to $147. Litecoin (LTC) suffered an even bleaker fate, plummeting 6.1%. As the overall cryptocurrency market cap settled at $198.7 billion, Bitcoin confidently held its ground with a 66.6% market share, soaking up the limelight like the star of the show.
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