Bitcoin (BTC) traded well-nigh $47,000 on Dec. 4 afterwards a sudden crash that confirmed bulls' worst nightmares with 22% daily losses.

BTC/USD 1-day candle chart (Bitstamp). Source: TradingView

Crypto liquidations laissez passer $2.5 billion

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting local lows of $41,960 on Bitstamp — its lowest since Sept. 30.

As panic fix in, leveraged positions unwound and traders capitulated, 24-60 minutes cross-crypto liquidations passing $two.5 billion.

Crypto liquidations chart. Source: Coinglass

"$50k is probable to be resistance for a decent amount of fourth dimension at present unless stonks to incredible things," filbfilb, co-founder of trading platform Decentrader, summarized in a fresh synopsis after the move.

"Size of dump & distribution probable to mean consolidation into Q1 next twelvemonth. Moon mission is not dead merely some will remember bicycle over."

The calibration of the dip wiped out some of import support levels including Bitcoin's $1 trillion asset valuation — previously a pop option for long bets.

As Cointelegraph reported, concern over traders' behavior was present as recently equally Fri, every bit data showed that the market could easily be overleveraged at previous levels nearer $60,000.

With that leverage now all but flushed out, optimism amid familiar faces remained, with Cointelegraph contributor Michaël van de Poppe announcing the sub-$42,000 spike as a "bottom."

"We're withal in a balderdash market," he added.

Bitcoin, meanwhile, just avoided an attack on $twoscore,000 back up, something which would be a reason to "flip bearish" should it form weekly resistance, annotator TechDev said.

"Look. Relax. Market volition reveal," he told his Twitter followers.

"If cycle bull phase deviates substantially from history, look any comport phase to do the same."

Ethereum preserves strength on BTC pair

A small silver lining came from Ether (ETH) on the 24-hour interval, which neared a rematch of its highest levels since mid-2018.

Related: Ethereum 'near to go parabolic' confronting Bitcoin every bit analysts counterbalance BTC bear case

Losing less than Bitcoin in the crash versus the dollar, ETH/BTC bucked the trend to pass 0.0831.

ETH/BTC 1-hour candle nautical chart (Bitstamp). Source: TradingView

All of the superlative ten cryptocurrencies by marketplace cap were down over 10% against the U.Due south. dollar, even so, led by Polkadot (DOT) with 21%.