<

Bitcoin price has been in free fall mode, plummeting sharply from $65,000 to now under $50,000 for the first time since March

Bitcoin price has been in free fall, plummeting from $ 65,000 to under $ 50,000 for the first time since March.

bitcoin-price-has-been-in-free-fall-mode-plummeting-sharply-from-65000-to-now-under-50000-for-the-first-time-since-march

BTC/USD 4-hour chart | Source: TradingView

The Bitcoin price dropped below $ 50,000 in the short term

The bulls at the moment have pushed the price of Bitcoin back by more than $ 1,200 as orders at $ 50,000 were filled for the first time in a month.

A recent proposal under US President Biden to increase capital income taxes on the richest individuals has scared the market. Combined with the recent FUD surrounding China’s hash rate plunge and possible impending tax and regulatory crackdown, the once-hot cryptocurrency is currently in trouble.

For now, the bulls continue to insist on buying considering the amount of time Bitcoin is below the psychologically critical level before a significant rally.

The bulls will need to raise money by the way things go down from an emotional point of view. The techniques have also started to change for a while. Fundamental factors like strong hands and a reduced supply of BTC across exchanges have kept the uptrend escalating, but FUD capital gains could make some coins move.

At the very least, some take profits to cover up what might be a sizable capital return for crypto investors that could happen and free up the supply and weaken some of the stronger parties.

So far, the market doesn’t like this proposition. However, it is purposefully made to slow the perceived inflation of the dollar, as these assets for which the dollar is recently traded have gone parabolic.

All eyes will be on Bitcoin from here and if the bulls can defend $ 50,000. Lose it, and the uptrend is in danger.

Back to market movements, Bitcoin plunged with many other altcoins. In which, BinanceCoin fell 9.5%, Ripple decreased 12.9%, Cardano decreased 6.6%, Dogecoin decreased 16.45%, Polkadot decreased 6.7%, Bitcoin Cash decreased 8.3%. A series of free-falling altcoins pushed the total market capitalization to $ 1,920 billion, down 4.28%.

You can see the BTC price here.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS