Bitcoin (BTC $43,149) struggled to hold above $43,000 into Dec. 8 as an altcoin surge put Ether (ETH $2,349) in the spotlight.
BTC/USD 1-hour chart. Source: TradingView
ETH, SOL step up as Bitcoin takes liquidity
Data from Cointelegraph Markets Pro and TradingView showed ongoing BTC price consolidation as ETH/USD added up to 7.6% in around 24 hours.
Bitcoin, having tapped new 19-month highs of $44,490 earlier in the week, now troubled market participants as both ETH and Solana (SOL $71) stole attention.
$BTC Binance Spot
— Skew Δ (@52kskew) December 8, 2023
Bids sold into and filled it seems
Decent OI wipe here (Binance / Bybit Open Interest & Delta) https://t.co/DkWuLfD5gx pic.twitter.com/0CfnxCzL41
Eyeing Bitcoin’s share of the overall crypto market cap, popular analyst Matthew Hyland described recent progress as a potential “false breakout.”
Dominance hit 55.26% on Dec. 6, in line with the BTC price highs — the highest reading since April 2021.
“It would need to close above support to avoid; currently below,” Hyland wrote in part of commentary on X (formerly Twitter), referring to the key 54.35% mark.
At the time of writing, dominance stood below this at around 53.9%.
Bitcoin crypto market cap dominance 1-week chart. Source: TradingView
Some major altcoins took advantage of the situation, with ETH/USD hitting $2,392 before seeing a modest correction of its own on the day.
ETH/USD 1-week chart. Source: TradingView
SOL/USD hit $72.88 on Bitstamp, its highest since May 2022, as investors increased bullish bets on three figures entering the future.
SOL/USD 1-week chart. Source: TradingView
Commenting on the current status quo, research firm Santiment argued that fear, uncertainty and doubt, or FUD, surrounding an altcoin breakout could ultimately help Bitcoin.
“Traders are fearful that #crypto markets may be in a bull trap at the moment,” it reasoned on Dec. 7.
But while Bitcoin may have stopped its momentum for the time being, Ethereum and altcoins are blasting off once again. FUD could propel $BTC to $50K if it increases.
Crypto social media volume data. Source: Santiment/X
An accompanying chart showed data that covered social media activity for the phrases “bull trap” and “bear trap,” referring to current crypto price action.
Keeping the faith on more upside
Elsewhere, Bitcoin market participants saw encouraging signs in the current BTC price comedown.
Popular trader Credible Crypto, known for his optimistic perspective on Bitcoin in the current environment, argued that accumulation was ongoing before the “next leg up” for the largest cryptocurrency.
Those bids got filled, then we had another set of bids pop up after the initial bounce which also got filled (second green box) and now we have a third set of bids that just appeared below price.
— CrediBULL Crypto (@CredibleCrypto) December 8, 2023
Someone is clearly accumulating $BTC on this dip in anticipation of the next leg… https://t.co/jqc2ETyiTX pic.twitter.com/qnuo1ZRRgH
As Cointelegraph reported, however, some believe that a much larger correction is due, this having the potential to return the market to $30,000 or even closer to $20,000 before new all-time highs hit.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
![VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoins-33758372_XtraSmall.jpg)
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
![Ethereum Classic price sets for a rally following retest of key support](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/EthereumClassic/ethereumclassic_XtraSmall.jpg)
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
![Celebrity meme coins lose their shine](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/crypto_matrix-637516561995093295_XtraSmall.jpg)
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
![Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit](https://editorial.fxstreet.com/images/Resources/CryptoWorldSEO3_XtraSmall.jpg)
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
![Bitcoin: Will BTC manage to recover from recent market turmoil?](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin_closer_XtraSmall.jpg)
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.