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Analysts say Bitcoin’s behavior at $47.5K mirrors the pre-breakout 2017 market
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Crypto markets tanked again after Bitcoin (BTC) price slipped to $47,500 on Dec. 9, but most analysts agree that the price is destined to remain in the $40,000 to $55,000 range until the holiday season has passed.
Data from Cointelegraph Markets Pro and TradingView shows that the early morning defense of the $50,000 support level was overwhelmed by sellers and according to independent market analyst Ben Lilly, bids at underlying support levels are not inspiring much confidence from bulls.
Low bid pressure, return to neutral funding. This is starting to feel reminiscent of the price action we saw earlier this year as price bled to sub $30k.
Here’s a look at what analysts and traders are saying about the recent price action and whether or not
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