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. 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.
“A crucial area to hold is that region we’ve touched already at $42K. The close was above $46-47K and I’d prefer not to lose that at all.” “Chop, chop, chop it is for Bitcoin,” Cointelegraph contributor Michaël van de Poppe wrote on the day.
Amid broadly calmer conditions despite macro markets dealing with an unprecedented debt default from China’s Evergrande property giant, analysts thus focused increasingly on longer-term phenomena to gauge Bitcoin price action’s overall health.
“Bitcoin appears on track,” popular Twitter account TechDev summarized Wednesday in an optimistic discussion comparing this year to previous post-halving years 2013 and 2017.
A frequent topic for TechDev, the relationship, conditioned by halving cycles, has survived despite the most recent drawdown from all-time highs totaling 39%. He further agreed with separate analysis from popular trader and analyst Rekt Capital, who late last week highlighted key Fibonacci levels for Bitcoin to hold and reclaim. 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%. 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. For Rekt Capital, $4,384 was the support level to reclaim in order to fuel a retest of ground nearer all-time highs.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 83.6% | 29 | $62 855.33 | -1.13% | 5.15% | $1 241 813 055 839 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 74.8% | 43 | $2 540.63 | 2.60% | 4.97% | $305 754 617 003 |  |
|
| 3 |  USDT |
Tether predictions | 94% | 1 | $0.999955 | -0.04% | -0.04% | $119 067 454 596 |  |
|
| 4 |  BNB |
Binance Coin predictions | 76.8% | 37 | $566.73 | -0.35% | 2.18% | $82 705 422 619 |  |
|
| 5 |  SOL |
Solana predictions | 76.8% | 39 | $146.04 | 1.82% | 5.96% | $68 416 505 357 |  |
|
| 6 |  USDC |
USD Coin predictions | 96% | 1 | $0.999943 | -0.02% | -0.02% | $35 623 915 852 |  |
|
| 7 |  XRP |
XRP predictions | 82% | 36 | $0.581825 | -1.77% | 2.30% | $32 834 987 204 |  |
|
| 8 |  DOGE |
Dogecoin predictions | 80.8% | 30 | $0.104564 | -1.80% | -2.33% | $15 270 327 361 |  |
|
| 9 |  TON |
Toncoin predictions | 76.8% | 45 | $5.60 | -2.42% | -3.69% | $14 184 836 125 |  |
|
| 10 |  TRX |
TRON predictions | 88.4% | 8 | $0.151784 | 0.45% | 1.85% | $13 155 110 941 |  |
|
| 11 |  ADA |
Cardano predictions | 77.2% | 41 | $0.352181 | -0.73% | -2.44% | $12 664 655 927 |  |
|
| 12 |  AVAX |
Avalanche predictions | 73.6% | 45 | $27.17 | 2.74% | 10.08% | $11 028 455 815 |  |
|
| 13 |  STETH |
Lido stETH predictions | 94% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 14 |  WTRX |
Wrapped TRON predictions | 94.8% | 1 | $0.116354 | -0.46% | 0.23% | $10 171 995 609 |  |
|
| 15 |  WBTC |
Wrapped Bitcoin predictions | 91.6% | 1 | $65 806.83 | 0.78% | -2.68% | $10 083 957 608 |  |
