Bitcoin (BTC) increased its losses on February 23, when sales pressure drove markets below $ 47,000 for the first time in more than a week.
A new plunge leads to an 8-day low in BTC / USD.
Data from Cointelegraph Markets and TradingView painted a grim picture for the bulls on Tuesday as BTC / USD hit a low level of $ 45,000 on Bitstamp.
The losses reflect a rebound that stopped prices on Monday from falling 20% from a full-time high of around $ 58,000. Bitcoin increased to $ 47,400 per day, returning to $ 54,000 before starting a new decline.
At the time of writing, $ 47,000 was again being used as a form of support, and the course continued to erode due to extreme volatility.
Analysis of buy and sell positions gave little hope of stop loss if this level did not hit with short support below $ 46,500.
$ 50,000 will be resistance again
For analysts, however, the possibility of a more serious rebound is not a concern. Compared to the previous fall in prices, today’s fall is a fall in the sea.
“We tested 2018 and 2019. This is not the case,” said Michael Van de Pope, an analyst at Cointelegraph Markets, to his Twitter followers.
In an accompanying YouTube update, he predicted that Bitcoin would gain a foothold as Bitcoin may be in the classic March behavior that has traditionally been corrected.
Another tweet added: “This is close to Bitcoin’s return zone. I think we’re close now. ”
“Resistance range of $ 48,500 and $ 51,000.”
As the Cointelegraph reports, theories that explain deflation range from selling whales to natural market cycles.