The price of Bitcoin (BTC) increased its losses on February 23when selling pressures drove the markets under $ 47,000 For the first time in over a week.
Another drop causes BTC / USD to hit 8-day lows
Data from Cointelegraph Markets and TradingView painted a bleak picture for the bulls on Tuesday when BTC / USD hit lows of $ 45,000 on Bitstamp.
The losses reverse a rally that stopped the 20% drop in prices on Monday from all-time highs near $ 58,000Bitcoin rebounded to $ 47,400 that day and then returned to $ 54,000 before another drop was noted.
At the time of this writing The $ 47,000 acted again as a support focusand the trajectory was still unclear given the high volatility.
Analysis of buy and sell positions gave little hope of halting losses if those levels failedwith a lack of support under $ 46,500.
50,000 US dollars are said to offer resistance again
For analysts, however Even the prospect of a more serious setback is not to be feared. Compared to previous price cuts, the current one was an ocean decline.
“We experienced 2018 and 2019. That is nothing”summarized the analyst from Cointelegraph Markets: Michaël van de Poppeto Twitter followers.
In an accompanying YouTube update predicted that if the bears take hold, Bitcoin could have classic behavior for the month of March, which is traditionally when corrections are made.
“Getting closer to the bounce region for Bitcoin. I think we’re getting close now.”added a tweet additionally.
“Resistance Zone at $ 48,500 and $ 51,000”.
As Cointelegraph reported, Theories explaining the recession range from whale sales to natural market cycles.