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Bitcoin Breaks Below $50K as Market Sell-Off Continues

Bitcoin’s price fell about $4,300 in the last 24 hours.

Bitcoin fell below the $ 50,000 psychological support line, reaching its lowest point in 48 days.

At around 17:00 UTC on Thursday, the price of bitcoin (BTC, -11.32%) fell from about $ 54,900 to $ 51,500 before the markets inflicted another settlement to $ 48,300, according to with Bitstamp exchange data Prices are currently hovering around $ 49,200, representing an 8% drop or loss of about $ 4,300 from the previous 24 hours, according to CoinDesk’s bitcoin pricing page .

“The chain data suggests that we are still in a long-term bull market,” said Ki Young Ju, CEO of CryptoQuant, a blockchain analytics company based in South Korea, to CoinDesk. “In the short term, we can have a correction and go sideways over a wide range, as the market is overheated among retail investors.

Bitcoin is on its way to close its biggest weekly drop since February, when prices fell 21%, before making a sharp recovery and reaching a maximum of $ 64,900.

A loss of the daily moving average of 100 at around $ 49,400 could open up more severe losses at around $ 46,000, according to technical analysis theory.

Other cryptocurrencies are also experiencing strong sales with XRP (-19.5%) and ether (ETH, -14.01%), both down 13% and 7%, respectively, while the binance currency is down 5, 8%. In fact, almost all of the assets in CoinDesk 20 – the 20 cryptocurrencies that make up the bulk of the crypto market on eight significant exchanges – have dropped in price in the past 24 hours.

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