Home » Ethereum Bitcoin could ‘consolidate until 2022’ after mass wipeout sends BTC price to $41K Ethereum Reading 2 min Views 2 $2.5 billion liquidated across cryptocurrency in a mass rout which sends Bitcoin price action back to the end of September. Bitcoin (BTC) traded near $47,000 on Dec. 4 after a sudden crash that confirmed bulls’ worst nightmares with 22% daily losses. BTC/USD 1-day candle chart (Bitstamp). Source: TradingView Crypto liquidations pass $2.5 billion Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting local lows of $41,960 on Bitstamp — its lowest since Sept. 30. As panic set in, leveraged positions unwound and traders capitulated, 24-hour cross-crypto liquidations passing $2.5 billion. Crypto liquidations chart. Source: Coinglass “$50k is likely to be resistance for a decent amount of time now unless stonks to incredible things,” filbfilb, co-founder of trading platform Decentrader, summarized in a fresh synopsis after the move. Close week below 20W SMA (50.8) ➡️ ConcerningMacro LL on a weekly close (40K) ➡️ Flip bearishLose the 2W RSI Floor ➡️ Flip bearish Wait. Relax. Market will reveal. If cycle bull phase deviates substantially from history, expect any bear phase to do the same. https://t.co/6smUaIWlKY — TechDev (@TechDev_52) December 4, 2021 Ethereum preserves strength on BTC pair A small silver lining came from Ether (ETH) on the day, which neared a rematch of its highest levels since mid-2018. Losing less than Bitcoin in the crash versus the dollar, ETH/BTC bucked the trend to pass 0.0831. ETH/BTC 1-hour candle chart (Bitstamp). Source: TradingView All of the top ten cryptocurrencies by market cap were down over 10% against the U.S. dollar, however, led by Polkadot (DOT) with 21%.