Bitcoin (BTC) was on repeat on Dec. 2 as markets watched another attack on $60,000 end in defeat.

Bitcoin

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

“Nothing has changed”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD back at $57,000 Thursday, having come full circle in 24 hours.

The pair had briefly hit $59,000 into the Wall Street open the day prior, this failing to hold as another round of macro triggers skewed sentiment to the downside once more.

Bitcoin thus fell in line with stocks reacting, it seemed, to continued concern over the new coronavirus omicron variant. The S&P 500 ended the day down 1.2%.

With a sense of frustration pervading crypto markets, analysts took the opportunity to reassert a longer-range perspective.

“It’s very simple. Below $60K I’ve remained cautious/bearish as I’d like to see that area flip,” Cointelegraph contributor Michaël van de Poppe summarized.

“Levels to watch for buys; $53K-54K zone and $47-50K zones for Bitcoin. When to buy altcoins? December. Nothing has changed past weeks.”

Those buy target lows were accompanied by renewed predictions for this cycle’s bullish peak, which, as in April this year, place BTC/USD at up to $400,000.

Fellow analyst TechDev, eyeing Fibonacci levels on the two-week chart, also described Thursday as “another day to zoom out.”

Open interest stays near all-time highs

On exchanges, open interest, meanwhile, remained a source of concern due to its sheer volume relative to price action.

Data from on-chain analytics firm Glassnode showed open interest on Bitcoin futures recently matching its second-highest levels in history, nearing its April record.

“At some point, this open interest is going to get flushed out one direction or the other,” analyst William Clemente commented.

Bitcoin

Bitcoin futures open interest 7-day moving average chart. Source: William Clemente/Twitter

With cyclical price action characterizing the week, the mood thus stayed favoring an ultimate exit up or down, with derivatives structures being “reset” as a result.

Funding rates were mostly neutral across exchanges Thursday.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

If Tezos price clears this significant hurdle, XTZ holders are in for a treat

If Tezos price clears this significant hurdle, XTZ holders are in for a treat

Tezos price shows a steady grind toward its forecasted target. This development comes after a successful breakout from a bullish pattern. Investors can decide if they should hop on this train or stay away by looking at how XTZ reacts to an upcoming resistance level.

More Tezos news

Here’s what to do if you missed the recent AVAX price rally

Here’s what to do if you missed the recent AVAX price rally

AVAX price is likely to pull back after its 22% rally to the $25.83 support level, providing an opportunity for the next leg. The retracement is key in determining if it investors should add more to their holdings or consider booking profits.

More Avalanche news

LUNA price approaches a launchpad, but will buyers come together?

LUNA price approaches a launchpad, but will buyers come together?

LUNA price shows a sign of healthy retracement after an egregious spike in buying pressure that triggered a quick and swift run-up. The ongoing pullback will provide investors with another chance to rally.

More Terra news

Bitcoin Price Prediction: An update on the fractal forecast to $21,000

Bitcoin Price Prediction: An update on the fractal forecast to $21,000

Bitcoin price shows lackluster performance despite the announcement of BlackRock’s entry into crypto. Due to the spotlight on Ethereum and its upcoming Merge update, investors seem to be neglecting BTC.

More Bitcoin news

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP