{"id":1177,"date":"2021-12-08T17:54:29","date_gmt":"2021-12-08T17:54:29","guid":{"rendered":"http:\/\/egrowonline.com\/?p=1177"},"modified":"2021-12-08T17:54:29","modified_gmt":"2021-12-08T17:54:29","slug":"bitcoin-rebounds-on-wall-street-open-as-exchange-btc-reserves-plunge-after-42k-dip","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=1177","title":{"rendered":"Bitcoin rebounds on Wall Street open as exchange BTC reserves plunge after $42K dip"},"content":{"rendered":"


\n<\/p>\n

\n

Bitcoin (BTC<\/a>) recovered from a dip below $50,000 on Dec. 8\u00a0as Wall St. trading opened on a fresh bullish note.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Bitcoin market ditches “extreme fear”<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0captured a classic rally for BTC\/USD on hourly timeframes, gaining $2,000 in a single one-hour candle.<\/p>\n

The pair had hit daily lows of $48,656 on Bitstamp before a dramatic trend change brought back the psychologically significant $50,000 level.<\/p>\n

\n

Buckle up<\/p>\n

\u2014 Zhu Su (@zhusu) December 8, 2021<\/a><\/p><\/blockquote>\n

\n

#Bitcoin<\/a> held crucial level and continues probably to a new test at $51.6K and $53.6K. <\/p>\n

Nice!<\/p>\n

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) December 8, 2021<\/a><\/p><\/blockquote>\n

As positive signals began to emerge from well-known names on social media, sentiment likewise felt the benefit, exiting<\/a> “extreme fear” for the first time since Dec. 3’s crash below $42,000.<\/p>\n

Popular trader Rekt Capital, who earlier eyed healthy behavior on the weekly chart<\/a>, meanwhile added that BTC price action could be mimicking its recovery<\/a> seen during September’s major dip<\/a>. This involved acting between two exponential moving average (EMA) lines.<\/p>\n

“Bitcoin may be repeating a consolidation period it also experienced following its May 2021 crash,” he tweeted<\/a>. <\/p>\n

“This consolidation takes place between the blue 50-week EMA support and green 21-week EMA resistance.”\u00a0<\/p><\/blockquote>\n

BTC\/USD 1-week annotated candle chart (Bitstamp). Source: Rekt Capital\/ Twitter<\/em><\/figcaption><\/figure>\n

Exchange Bitcoin holdings drain faster since sell-off<\/h2>\n

On-chain metrics continued to please on Dec. 8 against a backdrop of network fundamentals shaking off spot price action by nearing new record highs<\/a>.<\/p>\n

Related:\u00a0Third-biggest Bitcoin whale\u2019s holdings total $6B after \u2018whopping\u2019 2.7K BTC buy-in<\/a><\/em><\/strong><\/p>\n

Almost 80% of the BTC supply was still in profit at lower levels, according<\/a> to data from on-chain analytics firm Glassnode<\/a>, this nonetheless constituting a one-month low.<\/p>\n

BTC 1-hour supply % in profit (7-day moving average) chart. Source: Glassnode\/ Twitter<\/em><\/figcaption><\/figure>\n

A look at the BTC balance on exchanges added to the positivity, reserves at their lowest in multiple years and far below when Bitcoin traded at four figures.<\/p>\n

Last week’s dip failed to upend the trend, which in fact accelerated over the weekend, data from on-chain analytics platform CryptoQuant confirms<\/a>.<\/p>\n

BTC exchange reserves chart. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<\/div>\n


\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) recovered from a dip below $50,000 on Dec. 8\u00a0as Wall St. trading opened on a fresh bullish note. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin market ditches “extreme fear” Data from Cointelegraph Markets Pro and TradingView\u00a0captured a classic rally for BTC\/USD on hourly timeframes, gaining $2,000 in a single one-hour candle. The […]<\/p>\n","protected":false},"author":1,"featured_media":1178,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[945,50,194,707,53,1210,881,1209,1211,905,904],"class_list":["post-1177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-42k","tag-bitcoin","tag-btc","tag-dip","tag-exchange","tag-open","tag-plunge","tag-rebounds","tag-reserves","tag-street","tag-wall"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2021\/12\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTIvNTc1NzMyZmItNzcxMC00MTQxLTlmYzMtN2ZjOWYzNmIxYWQwLkpQRw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/1177","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1177"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/1177\/revisions"}],"predecessor-version":[{"id":1179,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/1177\/revisions\/1179"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/1178"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1177"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1177"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1177"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}