Bitcoin on sale, will the support continues to hold?

[Questat]

Analyst says Bitcoin is 'on sale' after BTC price dips below $54,000

Bitcoin price is dropping back toward monthly lows, but analysts agree that the current range is a “buy zone.”

Bitcoin's (BTC) downtrend extended a few rungs lower on Dec. 3 after the price dropped under $54,000 and traders will note that the BTC/USD daily chart shows a notable uptick in sell volume.

Investors seem concerned at the emergence of a new COVID-19 variant and hawkish comments from the Federal Reserve. Meanwhile, veteran investment icon Charlie Munger added to the fire by comparing the price action in the crypto market to the dot-com era that ended with the bubble popping.

Strong lower support at $52,000 to $53,000
The “listless” nature of Bitcoin's price action over the past few weeks was highlighted by crypto market intelligence firm Decentrader, who pointed to the choppy price action on lower timeframes and the evidence of a slow downtrend on high timeframes as cause for traders' increased fear “that the bull run may be over.”

The analysts suggested that once BTC breaks out of its current range, “the most obvious support cluster lies around $52,000 to $53,000” near the point where the price broke down during the May crash earlier in the year.

Decentrader said,

“Should we get a deeper correction then a strong support area lies around the 200DMA at $46,200 and at the lower support level of $44,300. To the upside, a significant resistance level lies at the round number of $60,000.”

I guess we are starting to see some people who are panicking with the possibility of bitcoin going down below $50k.

What are your thoughts, will bitcoin support enough to avoid a dump, and if this price will dump, how low it will go?
Since we are done talking with the possible new ATH, then maybe we should not overlook what is happening now.

[STT]

I see no reaction to support so far, when we get there it should be noticable as a bottom.   I see trading down, basically decline and price decay over time at least in short term its not acting with bullish prospects.   Overall its sideways with profit taking and may do better when we've cleared the holidays and any interference in that way.



Losing 56k area puts into the next rung on the ladder and recent low is just prior channel down from Nov start.   So we went down from Nov start more or less, clinged onto a range since Nov 19th till just recent now we lose that and hit the old trend we had tried to escape.   

[wheelz1200]

This is a dangerous area now into the $52k's.  And nothing else in the market is holding.  Longs gonna start getting crushed unless the support comes in.  We could be in for an early 2018 type dumpy if this don't stop and rebound.  Either way keep stacking sats and enjoy the ride. 😉

[TravelMug]

This is a dangerous area now into the $52k's.  And nothing else in the market is holding.  Longs gonna start getting crushed unless the support comes in.  We could be in for an early 2018 type dumpy if this don't stop and rebound.  Either way keep stacking sats and enjoy the ride. 😉

Yeah, I think the dump will continue to $50k'ish before we can see some support, otherwise it will be $48k again in the next coming days.

Either way, if you are here for the long haul then better be stacking sats as our strategy.

So we will see, this is December, a month wherein we remain very bullish, but maybe this time it will be very different because of the latest covid situation globally. And no more 6 digit prediction at the end of the month, Lol, don't expect that so we will not be disappointed.

[adaseb]

I think the stock market correlation is what is causing all this downward movement. Looking on the daily $53K is actually important support, currently we swept the lows hard and rallied back up but it’s looking like it’s targeting the lows again. Seems like a very weak bounce.

If $53k doesn’t hold then next area is $48K and who knows if that will even hold. Want to know what’s a good way to predict the bottom? Instead of guessing just look at the funding. If it becomes negative then it’s most likely the bottom like it was at $40K and $28k in the past. Right now it’s not negative yet.

[Kemarit]

I think the stock market correlation is what is causing all this downward movement. Looking on the daily $53K is actually important support, currently we swept the lows hard and rallied back up but it’s looking like it’s targeting the lows again. Seems like a very weak bounce.

Yeah, it's evident that all financial market is somewhat correlated to each other including ours.

$55,000 was the last support we have, and it was broken in the last 24 hours, I'm seeing that we might have to go to lower. But it's weekend anyways so volume might be weak.

If $53k doesn’t hold then next area is $48K and who knows if that will even hold. Want to know what’s a good way to predict the bottom? Instead of guessing just look at the funding. If it becomes negative then it’s most likely the bottom like it was at $40K and $28k in the past. Right now it’s not negative yet.

$50,000 and then $48,000. Hopefully the round numbers will hold, usually it does and if it did then maybe on Monday we will see a break out run to at least $55,000.

[Sayeds56]

I see no reaction to support so far, when we get there it should be noticable as a bottom.   I see trading down, basically decline and price decay over time at least in short term its not acting with bullish prospects.   Overall its sideways with profit taking and may do better when we've cleared the holidays and any interference in that way.



Losing 56k area puts into the next rung on the ladder and recent low is just prior channel down from Nov start.   So we went down from Nov start more or less, clinged onto a range since Nov 19th till just recent now we lose that and hit the old trend we had tried to escape.   

Well said. The support is still working despite bears huge attack and Bitcoin is still trading above 50K which is a positive sign. .Though  Bitcoin is trading below EMA100 which is very worrying some as in May, we had the strongest correction of the year, but I am still optimistic that a strong bounce back is possible before Holiday season and we will not only see it breaking previous ATH but new history will be made with Bitcoin above 100K.

[mk4]

I don't think price support in the trading sense doesn't make much sense currently in this situation. I think bitcoin's price movements in the very-near term will mostly depend on macroeconomic stuff; as this recent drop was mostly caused by the markets in general dropping across the board in the first place.

[traderethereum]

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I guess we are starting to see some people who are panicking with the possibility of bitcoin going down below $50k.

What are your thoughts, will bitcoin support enough to avoid a dump, and if this price will dump, how low it will go?
Since we are done talking with the possible new ATH, then maybe we should not overlook what is happening now.

Let them panic selling their bitcoin while we are ready to get their bitcoin at a low price because I see bitcoin price can go down for more.
If seeing the chart, it could be at $45k-$49k but hopefully, that will not go down too lower and will bounce after reaching the lower price.
But I do not expect that we may see the bear trend at the moment because the chance to see the bull trend still be there.
I wish I could buy some amount at a low price and wait for the bouncing time to come to the market.

[onecall123]

YES! Bitcoin is on sale, and people are selling everything. Profits are just being taken towards the end of the year as Christmas Day approaches. That dump below through 50K like it was nothing. We had hoped at least to bounce back there, but that didn't happen. ATHs and BTC have essentially just gone sideways, so everything else is almost 30% down. However, I am not so sure until it starts, but once it starts, there will be a closing point.

[Yaunfitda]

YES! Bitcoin is on sale, and people are selling everything. Profits are just being taken towards the end of the year as Christmas Day approaches. That dump below through 50K like it was nothing. We had hoped at least to bounce back there, but that didn't happen. ATHs and BTC have essentially just gone sideways, so everything else is almost 30% down. However, I am not so sure until it starts, but once it starts, there will be a closing point.

But it's too early to sell? Christmas is like 2 weeks still so I don't understand the reason to cash out this early. Maybe this is a panic run again, the $48k support levels have been broken already so it's possible that we might be looking at $46k in the next 24 hours if the panic continues.

So let's see how it pan out, all the support lines have been broken and it doesn't look good. But we all know how volatile this market is, maybe next week we will see the price bouncing up again and making a break out run.

[el kaka22]

I guess we are starting to see some people who are panicking with the possibility of bitcoin going down below $50k.

What are your thoughts, will bitcoin support enough to avoid a dump, and if this price will dump, how low it will go?
Since we are done talking with the possible new ATH, then maybe we should not overlook what is happening now.

I am just seeing the repeating of 2020 March 19th (the first impact of covid into crypto markets). I am not seeing any other negative news coming out but the new variant of covid is spreading more rapidly which might be the only driven force here. But, nothing here to be afraid of; we had already experienced such a massive dump and then recovery; hence we need to buy the dips and should remain calm.

When bitcoin failed to break and hold $69k to $69.5k for two consecutive attempts; it was expected to test its support but now unfortunately it is testing below up to 4th or 5th support levels. But quick bounce is inevitable; hence stay stronger.

[Fredomago]

Analyst says Bitcoin is 'on sale' after BTC price dips below $54,000

Don't Hold too much on that because now that Bitcoin fell down hardly within just a day ? pricing 47k at this moment from 57k? this is a hard fall that we must take a look seriously .
remember that there are 2  things that might happen this Year end, that is

1 : Market will continue Bullying .

2 : Market will Bull trap.

now we can analyze what will come so Please be aware of what to come and don't trust speculation that High .

[Raflesia]

YES! Bitcoin is on sale, and people are selling everything. Profits are just being taken towards the end of the year as Christmas Day approaches. That dump below through 50K like it was nothing. We had hoped at least to bounce back there, but that didn't happen. ATHs and BTC have essentially just gone sideways, so everything else is almost 30% down. However, I am not so sure until it starts, but once it starts, there will be a closing point.

But it's too early to sell? Christmas is like 2 weeks still so I don't understand the reason to cash out this early. Maybe this is a panic run again, the $48k support levels have been broken already so it's possible that we might be looking at $46k in the next 24 hours if the panic continues.

So let's see how it pan out, all the support lines have been broken and it doesn't look good. But we all know how volatile this market is, maybe next week we will see the price bouncing up again and making a break out run.

It's not too early, but they are quite panicked by the current market situation, so without thinking they will definitely sell it even though Christmas is still a few weeks away because the 50k wall has already collapsed and this will certainly have an impact on the existing FUD.
I will continue to survive even though I am itching to sell it but I think this panic must be resisted and must not be weak in taking action, maybe in less than a month we will face bears and the rest will be positive.

[bbc.reporter]

I don't think price support in the trading sense doesn't make much sense currently in this situation. I think bitcoin's price movements in the very-near term will mostly depend on macroeconomic stuff; as this recent drop was mostly caused by the markets in general dropping across the board in the first place.

Agreed. However, sometimes bitcoin is very much manipulated by the whales. They short in the futures market first before they dump the spot market. We have witnessed sustained selling for weeks before this big dump we are witnessing right now. If anyone is not shaking their heads in suspicion on this then they might need to go to a doctor to check their brain.

[Oshosondy]

Agreed. However, sometimes bitcoin is very much manipulated by the whales. They short in the futures market first before they dump the spot market. We have witnessed sustained selling for weeks before this big dump we are witnessing right now. If anyone is not shaking their heads in suspicion on this then they might need to go to a doctor to check their brain.

I am just getting this scenario for the first time. Now that many exchanges are making it also possible to use bitcoin directly to trade USDT M futures, also that Coin M make use of coin directly, like bitcoin as the coin example. The whales can likely just use bitcoin for the trading and short it but later also sell the bitcoin which will result to further price fall. People just need to be careful, a lot of trader's fund had liquidated when bitcoin plunged from $57000 to $40600. The market is mature but there is still manipulations.

[pooya87]

I don't think price support in the trading sense doesn't make much sense currently in this situation. I think bitcoin's price movements in the very-near term will mostly depend on macroeconomic stuff; as this recent drop was mostly caused by the markets in general dropping across the board in the first place.

Markets in general have been dumping for quite a while though and bitcoin has been rising first and then became stable after the small drop it had. In my opinion nothing explains this current panic sell down to $43k other than people being crazy and some FUD which I haven't yet heard circulating the internet.
Erratic market movements like this can never be explained or predicted.

[GeorgeJohn]

The market is so astonished and annoying, the occurrence of bitcoin degradation in price is not understandable any longer and any more, emerging the price decreasing from day to day, what we passed through like some years back is happening indirectly again, it assumed that the gravity of people demanding bitcoin is not corresponding positively to the supply, many investors is getting and experiencing negativity into investment of bitcoin right now as the price keep on falling instead of accelerating.

[Baofeng]

The market is so astonished and annoying, the occurrence of bitcoin degradation in price is not understandable any longer and any more, emerging the price decreasing from day to day, what we passed through like some years back is happening indirectly again, it assumed that the gravity of people demanding bitcoin is not corresponding positively to the supply, many investors is getting and experiencing negativity into investment of bitcoin right now as the price keep on falling instead of accelerating.

And so there's no more support line as this point because the price continues to go down very hard.

Just like hours ago when I checked the price we are still in the $52k'ish and now I was also astonished to see it going as low as $46k. Hard to explain what's the sentiments of the investors maybe except that majority are on the selling mode.

I'm not sure about the negativity as well, the last bad news we had is the covid-19 strain that might put the market into a precarious situation.

[ultrloa]

The market is so astonished and annoying, the occurrence of bitcoin degradation in price is not understandable any longer and any more, emerging the price decreasing from day to day, what we passed through like some years back is happening indirectly again, it assumed that the gravity of people demanding bitcoin is not corresponding positively to the supply, many investors is getting and experiencing negativity into investment of bitcoin right now as the price keep on falling instead of accelerating.

And so there's no more support line as this point because the price continues to go down very hard.

Just like hours ago when I checked the price we are still in the $52k'ish and now I was also astonished to see it going as low as $46k. Hard to explain what's the sentiments of the investors maybe except that majority are on the selling mode.

I'm not sure about the negativity as well, the last bad news we had is the covid-19 strain that might put the market into a precarious situation.

For breaking that far for sure many people are now at fear and think about huge bear market will happen again that's why its expected that many traders right now are selling their stash to stop their losses from certain bad market situation happening right now. Let's hope that this huge crash happening is just for today and tomorrow the price recover since if this crashing will continue we might face the one we afraid to happen and that is a long days of heavy bear market season again.