Home » Altcoin Bitcoin dips below $50K as Evergrande defaults on US dollar debt Altcoin Reading 2 min Views 1 Fresh panic over Evergrande appears to have a limited impact on cryptocurrency markets. Bitcoin (BTC) kept $50,000 as a focus on Dec. 9 as consolidation on BTC/USD continued to avoid last week’s lows. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin “appears on track” Data from Cointelegraph Markets Pro and TradingView showed the pair acting within a small range around the $50,000 mark overnight, this yet to become firm support. Very nice work. Did not see this. Agree with the positioning and outlook. Also see parallel to 2013 macro PA. — TechDev (@TechDev_52) December 8, 2021 Despite the similarities between cycles, however, commentators have conceded that this time, Bitcoin will likely take longer to reach its cycle peak, leaving December without a classic blow-off top. Ether takes aim at BTC pair Altcoins were similarly calm overnight, with the only standout in the top 10 cryptocurrencies by market cap being Terra’s LUNA token, up 11%. Ether (ETH) was down by 1.2% at the time of writing to just above $4,300 while maintaining almost four-year highs against BTC. ETH/BTC 1-month candle chart (Bitstamp). Source: TradingView For Rekt Capital, $4,384 was the support level to reclaim in order to fuel a retest of ground nearer all-time highs.