Bitcoin price succumbed to another wave of selling, but analysts say the current market structure at $47,500 mirrors the early bull-market from 2017.
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 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.