Bitcoin price recorded a decline of 4.5% in Asian trading and was traded at about $49,100 today, Tuesday in Singapore.
According to Arab Net, it is a level that some analysts see as a key focus for evaluating the expectations of the largest cryptocurrency for 2022. Ether, the second largest cryptocurrency, and the Bloomberg Galaxy Crypto Index were also dominated by the red color.
Investors have withdrawn from the most speculative corners of global markets recently, worried that the waning tide of central bank stimulus could disrupt markets, while the vulnerability of Bitcoin and the broader crypto world remains a hotly debated topic.
As for Bitcoin, in general, there is nothing to worry about at this point, said Vijay Ayar, vice president of corporate development at crypto exchange Luno in Singapore.
He added that the currency's default trend will remain bullish if the $48,000 level continues to $49,000, Bloomberg reported.
Technical studies point to a tipping point for Bitcoin after retreating from an all-time high of nearly $69,000 in November, trimming its year-to-date advance to about 70%.
For example, a study using Bollinger bands - a popular way of looking at volatility - shows that a virtual currency touched the upper band last week, but failed to close above it. For some, this indicates that Bitcoin is having difficulty making gains in the short term.
Small coins like Solana, Cardano, Polkadot and Dogecoin also lost some ground Tuesday, according to CoinGecko tracker.
