Analysts say Bitcoin’s behavior at $47.5K mirrors the pre-breakout 2017 market

Analysts say Bitcoin’s behavior at $47.5K mirrors the pre-breakout 2017 market
© Reuters.

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.

BTC/USDT 4-hour chart. Source: TradingView

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.

BTC/USDT 1-week chart. Source: Twitter (NYSE:TWTR)
BTC/USD 1-day chart. Source Twitter
2017 BTC/USD price action vs. present-day BTC/USD price action. Source: Twitter

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