Bitcoin (BTC) continued to lose ground on December 29, with BTC/USD momentarily falling below $46,600.
According to data from Cointelegraph Markets Pro and TradingView, the pair lost ground before Wall Street opened, bringing its 48-hour fall to 10.4 percent.
The market revealed that the range in which Bitcoin performed in December is still very much in play in the latest move in a typical pattern of behaviour.
Popular trader and analyst Scott Melker saw a possible buying opportunity at current levels on short timeframes as market players resigned themselves to a poor end of the year.
During the decline in what is a classic buy-in trigger, Bitcoin's relative strength index (RSI), in addition to other positive signs, had entered "oversold" territory.
"There's an extremely solid risk/reward of punting longs here if you're trading small time frames," he stated in one of the numerous tweets about the potential.
"RSI oversold, hourly set to make a bull div, at the range EQ, little conviction selling on low volume," says the trader.
"On the hourly chart, there is a beautiful bullish divergence with an oversold RSI. Because of the short time frame, I'm looking for a way to progress to longer time frames. The 4-hour would come after that.
As I previously stated, there is a lot of potential R/R for a trade back to the 50Ks."
BTC/USD has since recovered from its lows and is trading above $47,000.
Melker has previously justified the $52,000 retracement, claiming that "nothing had changed" for range bound Bitcoin in general.
With 13,118 mining equipment, Gem Mining, a bitcoin mining company founded by former U.S. Marine and 2018 contender for governor of South Carolina John Warren, has reached a hashrate capacity of 1.25 x hashes per second (EH/s).
Bitcoin back above $50,000 while altcoins experience major pumps
The company is creating 6.5 bitcoins each day and has placed fully financed buy orders for an additional 19,000 machines, which should be operational by the end of 2022.
"The successful deployment of 13,000 active miners is a significant milestone in Gem Mining's development story," Warren, who also serves as CEO, said in a statement on Wednesday.
As per data analytics firm Glassnode, Gem's mining power now accounts for around 1% of the Bitcoin network's hashrate of about 161 EH/s as of Dec. 28.
After obtaining over $200 million in institutional financing, the Greenville, South Carolina-based miner began mining in February and officially launched earlier this month. In November, it made $7.8 million in revenue.
"Given the stakes, I believe our team took the best decisions possible under the circumstances," said Jaynti Kanani, co-founder of Polygon.
Polygon, an Ethereum-based layer two scaling network, has discreetly patched a flaw that put its native token MATIC, worth over $24 billion, in danger.
The "serious" vulnerability in the network's Proof-of-Stake (PoS) Genesis contract was first identified by two whitehat hackers on Dec. 3 and Dec. 4 via blockchain security and bug bounty hosting platform Immunefi per a Dec. 29 blog post by Polygon.
The flaw exposed more than 9.27 billion MATIC tokens, worth roughly $23.6 billion at the time of writing, accounting for most of the token's total supply of 10 billion.
According to Polygon, the flaw was fixed at Block #22156660 via an "Emergency Bor Upgrade" to the Mainnet on December 5 at 7:27 a.m. UTC. According to the network, before the flaw was fixed, a "malicious hacker" stole 801,601 MATIC ($2.04 million).
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