Bitcoin daily losses approach $ 4,000 as the S&P 500 hits its 69th all-time high in 2021

The market reminded us that the bull run would have to wait when Bitcoin (BTC) was down nearly $ 4,000 on December 28.

BTC analysts expect a price of $ 44,000

BTC / USD (Bitstamp) 1-hour candlestick chart. Source: TradingView

Data of Cointelegraph Markets Pro Y TradingView showed the BTC / USD pair hit lows of $ 48,335 on Bitstamp at the Wall Street open on Tuesday.

The day before, the pair had broken above the $ 52,000 mark, which was a three-week high, before pressure from sellers stopped the price advance.

At the time of writing, Bitcoin was hovering around $ 49,000, as traders took the opportunity to recall the current range in which the leading cryptocurrency is holding.

“Humans get bullish on resistance. It’s something,” summarized Scott Melker.

“It keeps fluctuating. Nothing has changed.”

The trip to $ 52,000 failed to hit any of the price levels previously identified as tipping points, especially $ 53,000 – Bitcoin’s trillion-dollar market capitalization mark.

The popular trader Pentoshi, meanwhile, identified $ 44,000 as a possible bottom in case the downtrend worsens. Slightly longer terms offered a similar outlook based on recent behavior.

However, looking at the bigger picture, there were bearish considerations on the horizon. William Clemente, Principal Analyst at Blockware, identified a possible repeat of the behavior in the immediate aftermath of the old all-time high of 2017, which led to a full year of bear market.

“Doomsday for BTC is coming up”, warned in the Twitter comments.

Concern Hovers Over Miraculous Equity Reading

Thus, Bitcoin presented a contrast to the macroeconomy on Tuesday, when the S&P 500 reached its 69th all-time high for the year.

Almost a record in itself, the exuberance of the stock market was already ruffling the feathers among experts concerned about a possible gulf between the numbers and the empirical reality.

As we previously told you, the US Federal Reserve will play a decisive role in shaping the 2022 market when it comes to Bitcoin’s performance.

In the meantime, however, BTC / USD is facing a holiday season of low liquidity, and therefore potentially a lot of volatility.

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Bitcoin daily losses approach $ 4,000 as the S&P 500 hits its 69th all-time high in 2021

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