Bitcoin could ‘consolidate until 2022’ after mass wipeout sends BTC price to $41K

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Bitcoin could 'consolidate until 2022' after mass wipeout sends BTC price to $41K

$2.5 billion liquidated across cryptocurrency in a mass rout which sends Bitcoin price action back to the end of September.

Bitcoin could 'consolidate until 2022' after mass wipeout sends BTC price to $41K

Bitcoin (BTC) traded near $47,000 on Dec. 4 after a sudden crash that confirmed bulls’ worst nightmares with 22% daily losses.

Bitcoin could 'consolidate until 2022' after mass wipeout sends BTC price to $41K

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.

Bitcoin could 'consolidate until 2022' after mass wipeout sends BTC price to $41K

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.

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%.

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