After 20 per cent slump: Bitcoin falls to 45,000 US dollars
The recovery to above 50,000 US dollars has failed and seems to make this level a resistance again. 47,000 US dollars is now coming into focus.
Bitcoin (BTC) continued to post losses on 23 February. Selling pressure sent the market below US$47,000 for the first time in over a week.
Data from Cointelegraph Markets and TradingView showed on Tuesday that things look bleak for the bulls. The BTC/USD pair has fallen as low as US$45,000 on Bitstamp.
The losses reversed the recovery after Monday’s 20 percent Bitcoin Profit plunge from all-time highs at US$58,000. Bitcoin recovered at US$47,400 and rose to US$54,000 as another slump set in.
At the time of going to press, the US$47,000 level was support. However, the further course is still unclear due to the strong volatility.
The analysis of the long and short positions gives little hope for a containment of the losses if this level is undershot, as there is no support below 46,500 US dollars.
US$50,000 becomes resistance again
For analysts, however, even a possible sharper decline is not a cause for concern. Compared to previous price drops, the current one was just a drop in the ocean.
„We’ve seen 2018 and 2019. This is nothing,“ Cointelegraph Markets analyst Michaël van de Poppe summed up on Twitter.
In a YouTube update on the matter, he predicted that bitcoin could behave as usual for March if the bears get their way. There are usually always corrections in March.
„We are approaching a rally for Bitcoin. I think we are close now,“ another tweet said.
„Resistance at US$48,500 and US$51,000.“
As we reported, the downturn is explained in part by whale selling and natural market cycles.