Bitcoin price dips below ,000, still fighting to regain support
Bitcoin has dropped under the $50,000 psychological support line. Thereby hitting its lowest point in 48 days.
At around 13:00 ET on Thursday, Bitcoin‘s price went down from around $54,900 to $51,500 before the markets inflicted a second sell-off to $48,827, according to CoinMarketcap data. Prices are currently floating just below the $50,000, still battling to regain the important support line. This second sudden crash in a week’s time represents another 8% drop or loss of about $4,300 over the previous 24-hours.
Commenting on this latest correction, on chain analysist Ki Young Ju said:
“On-chain data suggests we’re still in a long-term bull market”
“In the short-term, we might have a correction and going sideways in a broad range since the market is over-heated among retail investors.”
Earlier in the week after Sunday’s sudden dip, Ki Young Ju already warned about the short-term bearish outlook. Yet long term he remains optimistic.
Short-term bearish. Long-term bullish.
I’ll keep my bearish bias until the estimated leverage ratio and Korea premium cools down. $BTC https://t.co/NJUosP1KZB
— Ki Young Ju 주기영 (@ki_young_ju) April 20, 2021
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It is possible that Bitcoin is on its way to experience its biggest weekly drop since February when prices fell with as much as 20% before turning around and surging new to all-time highs near $64,900.
Almost all the top cryptocurrencies have seen a dramatic drop in the past 24 hours. XRP experienced a 20% sell off. Ethereum went down with 6%. Binance Coin lost 10% in value while Dogecoin even went down 30% just a few days after the hyped #Dogeday.
The post Bitcoin price dips below $50,000, still fighting to regain support appeared first on iGaming.
Source: igaming
