in early morning trading hours, the price of Bitcoin (BTC) surprisingly dropped 17.65% leading to a significant contraction across the market.
and data from the Coin Telegraph and Trading View markets show that Bitcoin fell from a high of $ 58,274 on February 21 to a low of $ 4,7,622 in the early hours of Monday Before buyers returned to raise Bitcoin to its current value of $ 53,350.
Despite the $ 1.6 billion liquidation event today, Bitcoin bulls remain optimistic about the future of a better cryptocurrency with the main indicators indicating that those Those who buy today's retreat will likely take the lead.
and according to Exo Alpha Chief Investment Officer David Lifshitz, recent Bitcoin charts looked overbought, indicating that a 15% correction could happen as part of The normal market cycle before Bitcoin attempts to exit to new highs.
Bitcoin moved from $ 10,000 in October 2020 to nearly $ 60,000 in just 4 months, indicating Lifshitz that a pause / moderate correction is possible Certainly.
where Lifshitz said: It seems that $ 50,000 is the first stop of a moderate decline, but the second drop may fall to $ 40,000 while the $ 30,000 area looks like As if it were a final bottom in the event that things go ugly in the short term.
According to Lifshitz, the recent printing of cash by central banks makes it unlikely that Bitcoin will drop to $ 30,000, as Bitcoin is increasingly seen as Hedge against currency depreciation by investors around the world.
Lifshitz also noted that recent moves in traditional assets such as the 10-year US Treasury yield could lead to a decline in Bitcoin as a general step to reducing leverage across asset classes. , But only time will tell how it all happens.
Rising returns pressuring stocks
Traditional markets were mixed on February 22, as recent increases in Treasury yields led to expectations of higher inflation and additional pressure on stocks.
The Dow managed to weather early pressure to close the day 0.09% higher between ...
