Today's Cryptocurrency Prices: Bitcoin Nears $49,000, Cardano Is Down, and Ether Is Up

After a significant drop over the weekend, the price of bitcoin hovered around $49,000 on Monday. According to CoinMarketCap, the world's most popular cryptocurrency declined 0.15 percent in the last 24 hours to $49,031.52 at 0830 hours on December 6. On Friday, cryptocurrency prices began to plummet as stocks fell and investors fled to the safety of Treasuries on Wall Street. Bitcoin is currently down over 30% from its all-time high of nearly $69,000 set earlier this month.

Last week, the crypto world was shaken by the appearance of omicron, a new form of Covid-19. Bitcoin officially entered bear market on November 26 when it fell to a seven-week low near $54,000. The Covid-19 omicron variation has been found in 38 countries, according to the World Health Organization.

"The crypto markets were a carnage, with Bitcoin falling below $48,000 and roughly $1 billion being liquidated." On a daily time frame, BTC was spotted retesting the pattern. The RSI indicator has dipped below 30, signalling that Bitcoin is oversold. If prices go below these levels, the next level of support might be $43,500 "WazirX trade desk stated.

"Bitcoin has seen a huge correction, plunging by nearly 25% in the last week, blasting to lows of $42,333. As a result, the market's attitude has shifted, and bears now have the upper hand. After Evergrande defaulted on yet another debt, and Bitcoin went below its support level of $53,000 over the weekend, panic selling ensued "ZebPay's trade desk stated

"Bitcoin was gaining traction at $53,000 and showed indications of recovery." The bulls, on the other hand, were battling to break through the $60k resistance level and the 20 Day Moving Average. The bears reacted by breaking the support of $53,000 BTC this weekend, resulting in a stunning 20% drop to a low of $42,333. The asset has experienced some short covering following this move, but prices are still trading below the psychological level of $50,000. As a result, in order for BTC to rally, it must trade and close above the $50,000 to $53,000 resistance zone," ZebPay explained.

Ether, on the other hand, recovered its weekend losses and increased marginally on Monday. According to CoinMarketCap, the second most popular cryptocurrency was up 0.59 percent to $4,164.20. "Ethereum held its ground versus Bitcoin despite the market downturn.

While writing the post, CoinMarketCap listed the top ten cryptocurrency prices on December 6, 2021.

Bitcoin $49,031.52 — 0.15 per cent down in 24 hours

Ethereum $4,164.20 — 0.59 per cent up in 24 hours

Binance Coin $547.80 — 2.84 per cent down in 24 hours

Tether $1.00 — 0.08 per cent down in 24 hours

Solana $192.35 — 1.45 per cent change in 24 hours

Cardano $2.26 — 0.72 per cent change in 24 hours

USD Coin $1.00 — 0.09 per cent change in last 24 hours

XRP $0.8012 — 3.17 per cent change in 24 hours

Polkadot $27.17 — 4.84 per cent down in 24 hours

Terra $64.95 — 10.11 per cent down in 24 hours