Bitcoin falls to $45K in sequel to 20% BTC price crash

Bitcoin falls to $45K in sequel to 20% BTC price crash

Bitcoin (BTC) extended its losses on Feb. 23 as selling pressure took markets below $47,000 for the first time in over a week. 

Bitcoin falls to $45K in sequel to 20% BTC price crash
BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview

Fresh dive takes BTC/USD to 8-day lows

Data from Cointelegraph Markets and TradingView painted a gloomy picture for bulls on Tuesday as BTC/USD hit lows of $45,000 on Bitstamp. 

The losses reverse a rebound that halted Monday’s 20% price crash from all-time highs near $58,000. Bitcoin bounced at $47,400 on the day to return to $54,000 before a fresh dip took hold.

At the time of writing, $47,000 was again acting as some form of focus for support, with the trajectory still unclear amid heavy volatility.

Analysis of buy and sell positions produced little hope for stemming losses should that level fail, with support lacking below $46,500.

Bitcoin falls to $45K in sequel to 20% BTC price crash
BTC/USD support and resistance levels chart. Source: WhaleMap

$50,000 set to become resistance again

For analysts, however, even the prospect of a more serious retracement was nothing to fear. Compared to previous price dips, the current one was a drop in the ocean.

“We’ve experienced 2018 & 2019. This is nothing,” Cointelegraph Markets analyst Michaël van de Poppe summarized to Twitter followers.

In an accompanying YouTube update, he forecast that should bears take hold, Bitcoin could be in for what is classic behavior for the month of March, which traditionally sees corrections.

“Approaching bounce region for Bitcoin. I think we’re close now,” a further tweet added.

“Resistance zone at $48,500 and $51,000.”

As Cointelegraph reported, theories explaining the downturn range from whale sell-offs to natural market cycles. 

Title: Bitcoin falls to $45K in sequel to 20% BTC price crash
Sourced From: cointelegraph.com/news/bitcoin-falls-to-45k-in-sequel-to-20-btc-price-crash
Published Date: Tue, 23 Feb 2021 09:33:55 +0000

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Jason Basler

Jason Basler– Financial Updates My Name is Jason Basler and I am also the main source from the ‘Topnewsscoop.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor. Address: 4830 Crim Lane Dayton, OH 45402, United States of America Phone Number:  +1 937 727 7917 Email: [email protected]

Leave a Reply

Your email address will not be published. Required fields are marked *

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami