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Bitcoin has dropped under the $50,000 psychological support line. Thereby hitting its lowest point in 48 days.
At around 13:00 ET on Thursday, Bitcoin‘s price went down from around $54,900 to $51,500 before the markets inflicted a second sell-off to $48,827, according to CoinMarketcap data. Prices are currently floating just below the $50,000, still battling to regain the important support line. This second sudden crash in a week’s time represents another 8% drop or loss of about $4,300 over the previous 24-hours.
Commenting on this latest correction, on chain analysist Ki Young Ju said:
“On-chain data suggests we’re still in a long-term bull market”
“In the short-term, we might have a correction and going sideways in a broad range since the market is over-heated among retail investors.”
Earlier in the week after Sunday’s sudden dip, Ki Young Ju already warned about the short-term bearish outlook. Yet long term he remains optimistic.
It is possible that Bitcoin is on its way to experience its biggest weekly drop since February when prices fell with as much as 20% before turning around and surging new to all-time highs near $64,900.
Almost all the top cryptocurrencies have seen a dramatic drop in the past 24 hours. XRP experienced a 20% sell off. Ethereum went down with 6%. Binance Coin lost 10% in value while Dogecoin even went down 30% just a few days after the hyped #Dogeday.