Bitcoin (BTC) struggled to carry above $43,000 into Dec. 8 as an altcoin surge put Ether (ETH) within the highlight.
ETH, SOL step up as Bitcoin takes liquidity
Data from Cointelegraph Markets Pro and TradingView showed ongoing BTC price consolidation as ETH/USD added as much as 7.6% in around 24 hours.
Bitcoin, having tapped recent 19-month highs of $44,490 earlier within the week, now troubled market participants as each ETH and Solana (SOL) stole attention.
$BTC Binance Spot
Bids sold into and filled it seemsDecent OI wipe here (Binance / Bybit Open Interest & Delta) https://t.co/DkWuLfD5gx pic.twitter.com/0CfnxCzL41
— Skew Δ (@52kskew) December 8, 2023
Eyeing Bitcoin’s share of the general crypto market cap, popular analyst Matthew Hyland described recent progress as a possible “false breakout.”
Dominance hit 55.26% on Dec. 6, according to the BTC price highs — the very best reading since April 2021.
“It would wish to shut above support to avoid; currently below,” Hyland wrote partially of commentary on X (formerly Twitter), referring to the important thing 54.35% mark.
At the time of writing, dominance stood below this at around 53.9%.
Some major altcoins took advantage of the situation, with ETH/USD hitting $2,392 before seeing a modest correction of its own on the day.
SOL/USD hit $72.88 on Bitstamp, its highest since May 2022, as investors increased bullish bets on three figures entering the longer term.
Commenting on the present established order, research firm Santiment argued that fear, uncertainty and doubt, or FUD, surrounding an altcoin breakout could ultimately help Bitcoin.
“Traders are fearful that #crypto markets could also be in a bull trap in the meanwhile,” it reasoned on Dec. 7.
“But while Bitcoin could have stopped its momentum in the intervening time, Ethereum and altcoins are blasting off once more. FUD could propel $BTC to $50K if it increases.”
An accompanying chart showed data that covered social media activity for the phrases “bull trap” and “bear trap,” referring to current crypto price motion.
Keeping the religion on more upside
Elsewhere, Bitcoin market participants saw encouraging signs in the present BTC price comedown.
Related: Bitcoin HODL Waves: 2020 bull market buyers now control 16% of supply
Popular trader Credible Crypto, known for his optimistic perspective on Bitcoin in the present environment, argued that accumulation was ongoing before the “next leg up” for the most important cryptocurrency.
Those bids got filled, then we had one other set of bids pop up after the initial bounce which also got filled (second green box) and now we’ve a 3rd set of bids that just appeared below price.
Someone is clearly accumulating $BTC on this dip in anticipation of the subsequent leg… https://t.co/jqc2ETyiTX pic.twitter.com/qnuo1ZRRgH
— CrediBULL Crypto (@CredibleCrypto) December 8, 2023
As Cointelegraph reported, nevertheless, some consider that a much larger correction is due, this having the potential to return the market to $30,000 and even closer to $20,000 before recent all-time highs hit.
This article doesn’t contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their very own research when making a call.
