The bulls have failed to regain $ 50,000 and it has even broken through important supports below.
During the afternoon session of February 23, Bitcoin price extended its loss as selling pressure brought the coin's value below $ 47,000.
According to data from Coin360, a bleak picture is being drawn after the entire market is flooded with 'blood'. The big brother Bitcoin touched as low as $ 45,000 on Bitstamp.
From a high of nearly $ 58,000, Bitcoin has had a turnaround that left many investors unable to turn their heads. During yesterday's session, the price of BTC also had a quick drop to $ 47,400 before returning to the range of $ 51,000 - $ 54,000.
Currently, at the time of writing, the trajectory is still unclear in the context of large fluctuations ... in which many copper is still diving quite deep.
Going back to Bitcoin, analyzing long and short positions creates little hope for a decrease in loss if the bulls fail to quickly regain the $ 50,000 zone, any break below the $ 46,500 zone will enter the territory. the bears.
Still, for analysts, even the prospect of a more severe drop is nothing to worry about. Compared to previous price declines, the current correction is not a concern.
Cointelegraph Markets analyst Michaël van de Poppe reassured investors: “I have experienced even more terrible drops, like 2018 and 2019 ... This correction is inevitable and nothing worth discussing. ".
"The resistance zone at $ 48,500 - $ 51,000 will probably make it difficult for Bitcoin in the short term," he added, but he thinks "then everything will be fine."
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