The Hangover II
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After failing to stay above the $50k level, BTC has continued to decline, and some worrying signs are also starting to pop up. For example, there is now a distinct break below the previous bearish continuation pattern formed near the $49.2k support level. Further, the on-chain price walls that were generated by whale inflow have also all been breached, with BTC now trading below both the $48k level as well as its 100-hourly moving average. If BTC fails to stay above the $47.2k level, the largest cryptocurrency by market cap could possibly even find itself dipping into the $45.5k support zone. Additionally, more BTC price volatility is to be expected in the near term, as the market is gravitating towards "max pain" with regard to the December options expiry (that is worth more than $6 billion). The downside skew will also likely continue all the way to the end of January 2022, as a high volume of call premiums have already been sold within the past 24 hours. Unfortunately, this means that other large cap cryptocurrencies will also take a hit, and most have indeed experienced losses of between 3-8% in the last 24 hours or so.