During the early morning hours, Bitcoin (BTC) unexpectedly fell 17.65%, resulting in a significant decline in the market.
Data from Cointelegraph Markets and TradingView show that Bitcoin fell from the high of $ 58,274 on February 21 to a low of $ 47,622 in the early hours of Monday before buyers returned to take the BTC up to its current value of $ 53,350.
Despite the current $ 1.6 billion settlement, bitcoin bulls remain optimistic about the future of the best cryptocurrency, with large indicators indicating that those who buy today’s repayment are likely to come first.
According to David Lifshitz, ExoAlfa’s Chief Investment Officer, recent Bitcoin charts have found themselves in overbought territory, indicating that “a 15% correction may occur” as part of a normal market cycle before BTC tries to break new heights.
Bitcoin rose from $ 10,000 in October 2020 to almost $ 60,000 in just 4 months, indicating to Lifshitz that “a break / moderate correction is definitely possible.”
$ 50,000 seems to be the first stop for a moderate decline, but the second dip could fall to $ 40,000, while the $ 30,000 range looks like the final bottom in case things go bad in the short term.
BTC is unlikely to fall to $ 30,000 due to central banks’ recent printing of money, Lifshitz said, as bitcoin is increasingly seen by investors around the world as a hedge against exchange rates.
Lifshitz also noted that recent changes in traditional assets such as the yield on 10-year US government bonds could “lead to a decline in bitcoins as a general step towards lower leverage across asset classes,” but that “only time will tell.”
Higher returns put stocks under pressure
On 22 February, traditional markets were mixed, as the recent rise in government bond yields led to expectations of higher inflation and further pressure on equities.
The Dow managed to overcome early closing pressure with a 0.09% gain, while the S&P 500 and NASDAQ traded red all day, closing 0.77% and 2.46% lower, respectively.
Commodities were a bright spot in the markets on Monday as the price of crude oil rose 4.14% to $ 61.69. The gold price rose 1.68% to $ 1807.
Ads and protocol updates send the specified tokens above
Despite the market downturn in the cryptocurrency community, the prices of many tokens rose on Monday, as positive developments helped them rise above the negative sentiment.
The breakout star in the last 24 hours was Crypto.com Coin (CRO), which increased more than 63% and reached a new full-time high of $ 0.2748 during opening hours.
Other notable offerings include NEM (XEM), which rose 16.05%, and Solana (SOL), which rose 20.54%.