Bitcoin ( BTC ) fell below $ 50,000 on February 22 as a correction accelerated as Wall Street opened to generate 20% daily losses before a strong response from the bulls.
Graphic in 1 hour BTC / USD candle (Bitstamp). Source: Tradingview
Bitcoin loses $ 6,000 in minutes
Data from Cointelegraph Markets and TradingView shows that BTC / USD fell sharply during trading of Monday, hitting a low of $ 47,400.
After reversing to all-time highs of $ 58,312 on Sunday, Bitcoin fell nearly$ 7,000 in less than an hour causing intense volatility, which has continued at the time of writing.
"Almost an hourly candle of $ 7,000. This must be by far the biggest hourly move in history, " analyst Scott Melker reacted .
Earlier, Cointelegraph Markets analyst Michaël van de Poppe highlighted the area between $ 50,500 and $ 52,000 as being crucial to keep in order to preserve the chances of continuing the race short-term bullish.
In a new analysis on Monday , he noted that historically this time of year is not the onewhere the crypto markets perform best.
At the time of publication, bitcoin had recovered to rise above $ 53,000.
Buyers line up to steal less than $ 50,000 worth of Bitcoin
According to reports on Twitter, the action accompanied with new criticisms of Bitcoin from the secretary of the US Treasury Janet Yellen, who allegedly called it "ineffective" while repeating that it was used in the context of criminal activities.
In a curious coincidence, Sunayna Tutejahe, a Bitcoin promoter and well-known financial innovator, has become the new director of innovation at the Federal Reserve.
"OUCH! #Bitcoin plunges> 10% on worries, prices are excessive. Elon Musk tweeted on Saturday that prices seem high, ' "market commentator Holger Zschaepitz tweeted , citing a Bloomberg headline focused on Musk's spontaneous remarks last week.
"The General Sale this week is the result of some of the exuberant easing of the past week, as well as a much needed unwinding of the over-leveraged long positions "Ross Middleton, co-founder of the DeversiFi exchange, added to Reuters.
For those familiar with Bitcoin and the crypto markets in general, even the sharp drop was just as usual.
"After a while, you become immune tothese price cuts. That just piles you up even more, "popular Armin van Bitcoin Twitter account replied .
Coinbase premium vs BTC / USD chart. Source: CryptoQuant
Contributor Joseph Young also mentioned the so-called Coinbase bonus reverting to positive almost immediately once the bottom of $ 47,400 s 'is reversed, hitting $ 500 - a bullish sign. Melker, in turn, highlighted the buying volume that the drop had triggered.
As Cointelegraph reported ,