Blockchain

Bitcoin dips below $50K as Evergrande defaults on US dollar debt

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.

Bitcoin dips below $50K as Evergrande defaults on US dollar debt

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.

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%.

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Related: This Bitcoin price metric just hit ‘oversold’ for only the 7th time in 8 years

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.

Bitcoin dips below $50K as Evergrande defaults on US dollar debt

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.

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