Crypto Breaking News posted: "Bitcoin (BTC) was on repeat Dec. 2 as markets watched another attack on $60,000 end in defeat.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView"Nothing has changed"Data from Cointelegraph Markets Pro and TradingView showed BTC/USD back at $57,00"
The pair had briefly hit $59,000 into the Wall St. open the day prior, this failing to hold as another round of macro triggers skewed sentiment to the downside once more.
Bitcoin thus fell in line with stocks reacting, it seemed, to continued concern over the new Coronavirus omicron variant. The S&P 500 ended the day down 1.2%.
With a sense of frustration pervading crypto markets, analysts took the opportunity to reassert a longer-range perspective.
"It's very simple. Below $60K I've remained cautious/bearish as I'd like to see that area flip," Cointelegraph contributor Michaël van de Poppe summarized.
"Levels to watch for buys; $53K-54K zone and $47-50K zones for Bitcoin. When to buy altcoins? December. Nothing has changed past weeks."
Those buy target lows were accompanied by renewed predictions for this cycle's bullish peak which, as in April this year, place BTC/USD at up to $400,000.
Data from on-chain analytics firm Glassnode showed open interest on Bitcoin futures recently matching its second-highest levels in history, nearing its April record.
"At some point, this open interest is going to get flushed out one direction or the other," analyst William Clemente commented.
Bitcoin futures open interest 7-day moving average chart. Source: William Clemente/ Twitter
With cyclical price action characterizing the week, the mood thus stayed favoring an ultimate exit up or down, with derivatives structures being "reset" as a result.
Funding rates were mostly neutral across exchanges Friday.
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