{"id":564925,"date":"2023-12-12T03:00:41","date_gmt":"2023-12-12T03:00:41","guid":{"rendered":"https:\/\/wncen.com\/?p=564925"},"modified":"2024-06-11T14:43:06","modified_gmt":"2024-06-11T14:43:06","slug":"bitcoin-washout-completed-btc-ready-for-48000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-washout-completed-btc-ready-for-48000\/","title":{"rendered":"Bitcoin “Washout” Completed, BTC Ready For $48,000\u2014And Higher"},"content":{"rendered":"

Earlier today, Bitcoin (BTC) flash crashed to as low as $40,400 before rebounding to spot levels. This sudden drop triggered what Mike Alfred, a crypto value investor,\u00a0<\/span>said<\/span><\/a>\u00a0was a “textbook washout” necessary to liquidate speculators. <\/span><\/p>\n

The drop and bounce, Alfred further explained, has “wiped out open interest and is exactly what you want to see” before prices recover, possibly edging to $48,000 in the coming sessions.<\/span><\/p>\n

Bitcoin Drops, Over $120 Million Liquidated<\/span><\/h2>\n

The washout, if past even guides, might have dented sentiment, forcing inexperienced holders and traders to take profit, allowing HOLDers more control. If that’s the case, considering that the uptrend remains when Bitcoin’s price action is analyzed from a top-down preview, it could be the foundation for further gains in the days ahead.<\/span><\/p>\n

Related Reading: Why Is Ethereum Price Down To $2,200 Today?<\/a><\/div>\n

Besides the heightened volatility and likelihood of potential profit-taking volatility, the resulting correction also led to some liquidation. According to Coinglass\u00a0<\/span>data<\/span><\/a>\u00a0on December 11, the flash crash saw over $105 million of leveraged long positions liquidated. <\/span><\/p>\n

Conversely, more than $15 million in short positions forcefully closed as prices quickly recovered, going against some traders’ positions.\u00a0<\/span><\/p>\n

\"Bitcoin
Bitcoin liquidations | Source: Coinglass<\/figcaption><\/figure>\n

While responding to Alfred’s preview, some observers\u00a0<\/span>noted<\/span><\/a> that liquidating high-leveraged long positions has effectively removed bearish elements from the market. In turn, this has positively paved the way for more price gains in the days ahead.\u00a0<\/span><\/p>\n

Will BTC Float To New All-Time Highs?<\/span><\/h2>\n

Looking at the Bitcoin daily price chart, the uptrend remains even with the coin consolidating in lower time frames. Whether today’s sell-off will be confirmed in the next 24 hours remains to be seen. <\/span><\/p>\n

However, from the candlestick arrangement in the daily chart, the long lower wick suggests that lower lows are being rejected. Notably, the coin has support at the 20-day moving average, highlighting the importance of this dynamic line.<\/span><\/p>\n

Related Reading: Avalanche Rules Top 10 Ranking With 61% Weekly Gain \u2013 Here\u2019s The Scoop<\/a><\/div>\n

The price chart shows that the $45,000 level is critical resistance. If there is a solid, high volume growth above this level, BTC might not only expand above $48,000 and $50,000, but it could anchor the leg up towards $69,000 in the next coming weeks.<\/span><\/p>\n

\"BTC<\/a>
BTC price trending downward on the daily chart | Source: BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

Market participants view the potential approval of the first Bitcoin ETF in early January 2024 by the Securities and Exchange Commission (SEC) as a bullish catalyst for BTC bulls. <\/span><\/p>\n

Amid evolving crypto regulations in the US, Europe<\/a>, and beyond, a regulated ETF would provide institutional investors with a more accessible way to gain exposure to Bitcoin, potentially driving demand and pushing prices higher.<\/span><\/p>\n

Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Earlier today, Bitcoin (BTC) flash crashed to as low as $40,400 before rebounding to spot levels. This sudden drop triggered what Mike Alfred, a crypto value investor,\u00a0said\u00a0was a “textbook washout” necessary to liquidate speculators. The drop and bounce, Alfred further explained, has “wiped out open interest and is exactly what you want to see” before prices recover, possibly edging to $48,000 in the coming sessions. Bitcoin Drops, Over $120 Million Liquidated The washout, if past even guides, might have dented sentiment, forcing inexperienced holders and traders to take profit, allowing HOLDers more control. If that’s the case, considering that the uptrend remains when Bitcoin’s price action is analyzed from a top-down preview, it could be the foundation for further gains in the days ahead. Related Reading: Why Is Ethereum Price Down To $2,200 Today? Besides the heightened volatility and likelihood of potential profit-taking volatility, the resulting correction also led to some liquidation. According to Coinglass\u00a0data\u00a0on December 11, the flash crash saw over $105 million of leveraged long positions liquidated. Conversely, more than $15 million in short positions forcefully closed as prices quickly recovered, going against some traders’ positions.\u00a0 While responding to Alfred’s preview, some observers\u00a0noted that liquidating high-leveraged long positions has effectively removed bearish elements from the market. In turn, this has positively paved the way for more price gains in the days ahead.\u00a0 Will BTC Float To New All-Time Highs? Looking at the Bitcoin daily price chart, the uptrend remains even with the coin consolidating in lower time frames. Whether today’s sell-off will be confirmed in the next 24 hours remains to be seen. However, from the candlestick arrangement in the daily chart, the long lower wick suggests that lower lows are being rejected. Notably, the coin has support at the 20-day moving average, highlighting the importance of this dynamic line. Related Reading: Avalanche Rules Top 10 Ranking With 61% Weekly Gain \u2013 Here\u2019s The Scoop The price chart shows that the $45,000 level is critical resistance. If there is a solid, high volume growth above this level, BTC might not only expand above $48,000 and $50,000, but it could anchor the leg up towards $69,000 in the next coming weeks. Market participants view the potential approval of the first Bitcoin ETF in early January 2024 by the Securities and Exchange Commission (SEC) as a bullish catalyst for BTC bulls. Amid evolving crypto regulations in the US, Europe, and beyond, a regulated ETF would provide institutional investors with a more accessible way to gain exposure to Bitcoin, potentially driving demand and pushing prices higher. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":564926,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,90842,679,1119,78790,3799,89583],"class_list":["post-564925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-falling","tag-bitcoin-price","tag-btc","tag-btcusdt","tag-sec","tag-spot-bitcoin-etfs"],"acf":[],"yoast_head":"\nBitcoin "Washout" Completed, BTC Ready For $48,000\u2014And Higher<\/title>\n<meta name=\"description\" content=\"Bitcoin wash out sees the coin fall to $40,000. 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin “Washout” Completed, BTC Ready For $48,000\u2014And Higher","url":"http:\/\/wncen.com\/news\/bitcoin-washout-completed-btc-ready-for-48000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-washout-completed-btc-ready-for-48000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Crypto-news-Template144.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Crypto-news-Template144.jpg?fit=1380%2C780"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin falling","bitcoin price","btc","btcusdt","sec","spot bitcoin etfs"],"dateCreated":"2023-12-12T03:00:41Z","datePublished":"2023-12-12T03:00:41Z","dateModified":"2024-06-11T14:43:06Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin “Washout” Completed, BTC Ready For $48,000\\u2014And Higher\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-washout-completed-btc-ready-for-48000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-washout-completed-btc-ready-for-48000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Crypto-news-Template144.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Crypto-news-Template144.jpg?fit=1380%2C780\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin falling\",\"bitcoin price\",\"btc\",\"btcusdt\",\"sec\",\"spot bitcoin etfs\"],\"dateCreated\":\"2023-12-12T03:00:41Z\",\"datePublished\":\"2023-12-12T03:00:41Z\",\"dateModified\":\"2024-06-11T14:43:06Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Crypto-news-Template144.jpg?fit=1380%2C780","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/564925"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=564925"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/564925\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/564926"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=564925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=564925"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=564925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}