The rebound to above $ 50,000 has failed and appears to be turning those levels into resistance again. $ 47,000 is now the focus.
Bitcoin Era continued to decline on February 23. Selling pressures dragged the market below $ 47,000 for the first time in over a week.
Another dip brings BTC / USD to 8-day low
Data from Cointelegraph Markets and TradingView showed Tuesday that the bulls looked bleak. The BTC / USD pair has fallen as low as $ 45,000 on Bitstamp.
The losses reversed the 20 percent recovery from Monday’s all-time highs of $ 58,000. Bitcoin rebounded at $ 47,400 and rose to $ 54,000 when another slump set in.
At press time, the $ 47,000 mark was a support. The further course is still unclear due to the high volatility.
Analysis of buy and sell positions gives little hope of containing losses if it breaks below this level as there is no support below $ 46,500.
$ 50,000 becomes resistance again
For analysts, however, even a possible larger decline is not a cause for concern. Compared to previous price drops, the current one was just a drop in the ocean.
„We experienced 2018 and 2019. This is nothing,“ said Cointelegraph Markets analyst Michaël van de Poppe on Twitter.
In a YouTube update on this, he predicted that Bitcoin could behave as usual for March if the bears prevail. Corrections are usually always made in March.
„We are nearing a recovery for Bitcoin. I think we are now close,“ so another tweet.
„Resistance at $ 48,500 and $ 51,000.“
As Cointelegraph reported , the downturn is explained by whale sales and natural market cycles, among other things.