Pros Say Bitcoin’s ‘Very Healthy’ Correction ‘Builds Ground For More Stable Growth’

Bitcoin and the wider cryptocurrency market took a beating in the late ho April 22, and intense selling saw (BTC) price dip below $48,000 in a move that came as a relief to quantitative analysts like PlanB who were worried that the price growth was showing signs of being inorganic. 

variety of factors have been identified as being the cause of the drop in price, including an overcrowded futures market and heavy selling activity from small- to medium-size whales. Aside from the activity of whales in the crypto market, the most impactful development was a proposal from the administration of United States President Joe Biden to raise the capital gains tax for individuals making more than $1 million per year.

Data from Cointelegraph Markets and TradingView shows that a heavy wave of selling led to a break below the $50,000 support level for Bitcoin on April 23, dropping the price to a low of $47,500 before a few courageous buyers arrived to lift it back above $49,000. Read more…..


Chart of the Day

Icarus TV

Warren Buffett: 90 Years of Wisdom in 5 mins.

Share This Post

Leave a Reply