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.
A 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…..
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