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One more Bitcoin price dip? BTC may fall again before 'slow grind up,' warns analyst
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Bitcoin (BTC) rebounded to near $50,000 on Dec. 5 as traders continued to take stock of recent events.
Data from Cointelegraph Markets Pro and TradingView followed a less volatile BTC/USD as it rose to $49,777 on Bitstamp before consolidating.
Fresh off a crash to $41,900 early Saturday, the pair stabilized as the market digested what was the latest giant deleveraging event to hit Bitcoin this year.
TLDR of what happened last night: Open interest being built up for weeks + a regime of positive funding and low weekend liquidity (meaning thin order books) gave a perfect storm for a long liquidation cascade. These forced sells executed into thin books, thus the drawdown.
For some, however, there was every reason to stay cautious and not discount
Read more on cointelegraph.comAbout this in other media
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Analyst lists 21 factors calling for Bitcoin price upside — But just 4 bearish signals cointelegraph.com /2 years ago
Only a paper moon: Bitcoin price briefly shows $870B on CoinMarketCap cointelegraph.com /2 years ago
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