Bitcoin loses $48K on Wall Street open as trader warns altcoins look ‘REKT’ against BTC

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Bitcoin loses $48K on Wall Street open as trader warns altcoins look ‘REKT’ against BTC

Bitcoin (BTC) declined into the Wall Street open on Dec. 13 as stocks came off Friday’s record close.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD diving below $48,000 to reach multi-day lows at the time of writing.

Equities had been tipped to add to all-time highs prior to the start of trading, this getting off to a cold start on the day with gains slipping.

Correspondingly, Bitcoin added to losses which totaled over $3,000 in 24 hours.

Traders thus continued to eye sideways or consolidatory movements for the near term, steering clear of any outright bullish calls.

“Something like this would drive people nuts,” Scott Melker, known as the Wolf of all Streets, commented on a fresh chart prediction.

“This is what I have been preparing myself for since the drop 10 days ago. I would prefer Up Only, so let’s hope that’s what we get.”

BTC/USD annotated chart. Source: Scott Melker/ Twitter

Others had already called for limp price action concluding 2021, this countered by on-chain metrics calling for a return to strength for markets.

“BTC may be repeating the consolidation period it also experienced following its May 2021 crash,” trader and analyst Rekt Capital added on the day.

He highlighted Bitcoin’s 50-week exponential moving average (EMA) and 21-week EMA as support and resistance levels respectively.

Bitcoin preserves 40% market cap dominance

Altcoins looked bleak as Bitcoin fell, fuelling suspicions that a return of “altseason” may have to wait.

Related: ‘I think BTC is ready’ — 5 things to watch in Bitcoin this week

Bitcoin market cap dominance, while hovering near six-month lows, managed to bounce back above 40% after a brief breakdown Thursday.

The latest move further threatened the stronger outliers in the altcoin story in recent weeks, notably Ether (ETH) against Bitcoin, which reversed from three-year highs to challenge new support.

ETH/BTC 1-hour candle chart (Bitstamp). Source: TradingView

“Overall, I think we are in ‘buy the dip’ zones,” Cointelegraph contributor Michaël van de Poppe argued on the broader major cap altcoin scene in his latest YouTube update.