Bitcoin (BTC) fell below $ 50,000 on February 22, as Wall Street’s opening accelerated the correction and lost 20% daily before a strong reaction from the bulls.
Bitcoin loses $ 6000 in minutes
Data from Cointelegraph and TradingView markets shows that Bitcoin / USD fell sharply during Monday’s trading, reaching as low as $ 47,400.
After reaching an all-time high of $ 58,312 on Sunday, Bitcoin’s price plummeted nearly $ 7,000 in under an hour, triggering strong volatility that continued at the time of writing.
“Lighting every hour for approximately $ 7,000. Analyst Scott Melker said: “This is probably the biggest race of the hour in history.”
Earlier, Cointelegraph Markets analyst Michael Van de Pope highlighted the range between $ 50,500 and $ 52,000 as important to bear in mind the chances of a continuation of the uptrend in the short term.
In a recent analysis conducted on Monday, he indicated that this is not an historic time of year when the cryptocurrency markets are at their strongest.
At time of publication, Bitcoin has returned more than $ 53,000.
Buyers are lining up to steal less than $ 50,000 in Bitcoin
According to Twitter posts, the move came on the heels of fresh criticism of Bitcoin by US Treasury Secretary Janet Yellen, who allegedly called it “ineffective”, echoing allegations that it was used in criminal activities.
By a strange coincidence, Sonina Tutijahi, a bitcoin spokeswoman and popular financial innovator, became the Fed’s new head of innovation.
Market columnist Holger Schibbitz tweeted, citing a Bloomberg headline focusing on Musk’s comments last week: “OH! # Bitcoin is down> 10% due to concerns over price increases.
“The full sale this week is driven by some of the heat last week as well as the much-needed liquidation of high-indebted long positions,” DeversiFi co-founder Ross Middleton told Reuters.
For those familiar with the bitcoin and cryptocurrency markets in general, reducing rainfall was only effective in normal mode.
“After a while, you are immune to this price drop.” Popular Twitter account Armin van Bitcoin replied, It just makes you add more.
Author Joseph Young also pointed to the so-called Coinbase premium, which almost immediately returned to positive when the low of $ 47,400 reversed, setting a staggering $ 500 – a bullish sign. Melker left the focus on the volume of outbound purchases by the fall.
According to the Cointelegraph report, several factors came together to indicate that a correction is imminent even before the general pace, including doubts about the whales’ plans to sell some bitcoin.