Bitcoin falls to fill more of the giant $1,300 WEC futures gap on Wednesday.
Bitcoin (BTC) fell below $18,000 on Dec. 9 in the latest continuation of its downward movement from all-time highs.
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Data from Cointelegraph Markets, Coin360 and TradingView showed that the BTC/USD lost $18,000 in support during the trade, hours after a critical moving average level also dropped.
At the close of this edition, new lows near $17,600 were appearing, with 24-hour losses totaling more than 7%.
BTC/USD 3-day chart.
The situation was tenuous for Bitcoin after the support level was lost, with the data from the exchanges showing that buyer interest only lined up in significant amounts at $16,200. The reverse selling pressure had provided instant rejection of close to $20,000 last week.
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Heatmap of the BTC/USDT order book.
„Third test of the support and breakthrough level,“ Cointelegraph Markets analyst Michaël van de Poppe told Twitter followers on Wednesday.
„Testing the levels several times doesn’t make the level any stronger – is the downward trend likely to continue? I think so, unless the $18,500 – $18,700 is claimed, I think it will continue to correct itself.
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At the close of this edition, a topic of interest had already formed among traders, who were suspicious that a $1,300 gap in CME futures would remain unmet. With the lowest level just below 17,000, there was an additional push for Bitcoin to fall further in the short term.
However, both Van de Poppe and others were broadly optimistic, indicating that lower levels would provide a buying opportunity for high-volume customers.
„Watch as traders, shitcoiners and weak hands transfer their #bitcoin to strong hands like Grayscale, Paypal, Square, MicroStrategy etc.“, argued Quantum Analyst PlanB on Tuesday when performance began to drop.
„These BTCs will disappear from the market and go into deep offline storage and remain there for years.“