Bitcoin Loses 15% in Thirty Minutes on Saturday; El Salvador Buys The Dip

A tumultuous weekend for crypto trading is underway, with Bitcoin (BTC) crashing more than 15% from $52,000 to $43,500 in just thirty minutes.

The top cryptocurrency bounced off the bottom and is now trading at $47,402 at time of writing.

Amidst the biggest downfall since Bitcoin’s all-time high in the first week of November, El Salvador’s confidence in the digital gold remained high and the country once again purchased “the dip”. President Nayib Bukele announced the purchase of 150 BTC when the price went below $50,000 after losing over 15% in market value. A week ago, El Salvador had also added 100 BTC to its totals after market went down.

El Salvador just bought the dip!

150 coins at an average USD price of ~$48,670 #Bitcoin

— Nayib Bukele (@nayibbukele) December 4, 2021

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El Salvador did not buy the ultimate dip as Bitcoin tanked to almost $42,000 in the blink of an eye, to which Bukele commented:

Missed the f***ing bottom by 7 minutes

— Nayib Bukele (@nayibbukele) December 4, 2021

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Crypto markets seem to be in distress after increased concerns of winter lockdowns and tighter covid restrictions following the omicron variant leading to investors shifting to possibly safer investment options. Furthermore, today’s price correction saw in just a matter of hours billions in leveraged long positions liquidated with options interest also taking a hit. Nevertheless, optimism that Bitcoin will bounce back remains high in the community.

Close week below 20W SMA (50.8) Concerning
Macro LL on a weekly close (40K) Flip bearish
Lose the 2W RSI Floor Flip bearish

Wait. Relax. Market will reveal.

If cycle bull phase deviates substantially from history, expect any bear phase to do the same. https://t.co/6smUaIWlKY

— TechDev (@TechDev_52) December 4, 2021