BTC $43219.52 (1.27%)
ETH $3045.43 (4.81%)
USDT $1.00 (-0.0%)
BCH $510.79 (-0.3%)
BSV $130.47 (-2.9%)
LTC $151.53 (-0.2%)
BNB $347.86 (-0.4%)
ADA $2.25 (-5.6%)
DOGE $0.20 (-1.2%)
BTC $43219.52 (1.27%)
ETH $3045.43 (4.81%)
USDT $1.00 (-0.0%)
BCH $510.79 (-0.3%)
BSV $130.47 (-2.9%)
LTC $151.53 (-0.2%)
BNB $347.86 (-0.4%)
ADA $2.25 (-5.6%)
DOGE $0.20 (-1.2%)

BTC Drops Below $50K Before Recovering

Bitcoin-Fell-Below-$50,000-Before-Bouncing-Back
  • Bitcoin price dropped from $50,000 to $46,294.72 before it climbed back.
  • BTC price correction came after Musk’s tweet on Tesla suspending Bitcoin.
  • Currently, BTC price is $51,082.12.

Bitcoin (BTC) price dropped drastically from its $50,000 mark to $46,294.72 before recovering. Of note, BTC price pullback occurred after Elon Musk tweeted that Tesla will stop accepting payments in Bitcoin.

Based on a report, the BTC price recovered to $50K in one hour when it was even changing hands to about $46,000. Consequently, Bitcoin heavily suffered a downward trend of over 15%.

Discussing Elon’s decision on BTC, he explained that digital currencies greatly hold promising potential. Yet their influence on the environment cannot be ignored anyway.

In line with this, Kiana Danial, Invest Diva’s CEO also came into the matter with her analysis about Bitcoin.

She said,

BTC/USD has broken below the daily Ichimoku cloud and completed a double top bearish reversal chart pattern, confirming our medium-term bearish outlook. Support levels fall on key Fibonacci retracement levels tracing the gains from January 2021 to the highs of April, at $45,900 and $42,000, respectively.

Continuously, Danial thinks BTC price movement this time is a battle between the “panic-sellers” and the “buy the dippers”.“Whichever side is stronger will win the battle.”

Alongside Danial, Banz Capital, CEO John Iadeluca also expressed that Bitcoin price will continue to probe the $50K level as the day goes on.

At the time of writing, Bitcoin price is $51,082.12 with a 24-hour trading volume of  $100,457,829,815, according to CoinGecko.

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Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.