Bitcoin Drops to $45K as Analysts Sense Typical Deep Decline February 23, 2021 February 23, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsFebruary 23, 2021 by Kelly Cromley

Bitcoin Drops to $45K as Analysts Sense Typical Deep Decline

Bitcoin (BTC) continued to decline on unabated selling pressure. The numero uno crypto in terms of market cap declined below $47,000 for the first time in over seven trading days.

Data provided by CoinGecko indicated that Bitcoin hit $45,000 on Bitstamp. At the time of writing this article, Bitcoin was trading at $46,555, reflecting a loss of 12.20% in the past 24 hours.

The decline nullified a reversal that stopped Monday’s 20% price correction from all-time peak of about $58,000. Bitcoin rebounded from $47,400 to hit $54,000 before a new decline took control.

At the time of writing this article, Bitcoin is struggling to come back above $47,000, which has been acting as a minor support for a short while. The trend is now unclear against the backdrop of huge volatility.

A study of buy and sell positions provided little confidence about the likelihood of recapturing the lost ground as credible support lacks below $46,500.

Analysts, nevertheless, are not concerned even about deeper decline as they consider it as a healthy correction. In comparison to earlier price declines, the current price correction is a miniscule.

Michaël van de Poppe, analyst at Cointelegraph Markets, pointed to his Twitter followers that the crypto community has seen the worst in 2018 & 2019.

Through an YouTube update, he predicts that Bitcoin will reveal its classic characteristic of deep decline of about 80% from peak, in case bears take charge.

Theories detailing the decline vary from profit booking by large investors (‘whales’) to regular market cycles.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.