U.S. markets open in 1 minute
  • S&P Futures

    3,779.50
    -41.75 (-1.09%)
     
  • Dow Futures

    30,689.00
    -310.00 (-1.00%)
     
  • Nasdaq Futures

    11,553.75
    -137.25 (-1.17%)
     
  • Russell 2000 Futures

    1,699.40
    -22.00 (-1.28%)
     
  • Crude Oil

    108.95
    -0.83 (-0.76%)
     
  • Gold

    1,817.80
    +0.30 (+0.02%)
     
  • Silver

    20.50
    -0.24 (-1.17%)
     
  • EUR/USD

    1.0419
    -0.0025 (-0.24%)
     
  • 10-Yr Bond

    3.0370
    -0.0560 (-1.81%)
     
  • Vix

    29.54
    +1.18 (+4.16%)
     
  • GBP/USD

    1.2153
    +0.0031 (+0.26%)
     
  • USD/JPY

    135.9300
    -0.6150 (-0.45%)
     
  • BTC-USD

    19,199.19
    -880.69 (-4.39%)
     
  • CMC Crypto 200

    410.81
    -28.86 (-6.56%)
     
  • FTSE 100

    7,149.35
    -162.97 (-2.23%)
     
  • Nikkei 225

    26,393.04
    -411.56 (-1.54%)
     
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Bitcoin Breaks Below $50K as Market Sell-Off Continues

·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Bitcoin has fallen below the $50,000 psychological support line, hitting its lowest point in 48 days.

At around 17:00 UTC on Thursday, bitcoin’s (BTC) price fell from around $54,900 to $51,500 before the markets inflicted another sell-off to $48,300, according to Bitstamp exchange data. Prices are currently hovering around $49,200, representing an 8% drop or loss of about $4,300 over the previous 24-hours, according to CoinDesk’s bitcoin price page.

“On-chain data suggests we’re still in a long-term bull market,” Ki Young Ju, CEO of South Korea-based blockchain analytics firm CryptoQuant, told CoinDesk. “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.”

Related: All About Bitcoin - April 26, 2021

Bitcoin is on track to close out its biggest weekly drop since February when prices fell 21% before making a sharp recovery and breaking to all-time highs near $64,900.

A loss of the 100-point daily moving average at around $49,400 may open up steeper losses to around $46,000, according to technical analysis theory.

Other cryptocurrencies are also experiencing sharp sells, with XRP and ether both down 13% and 7% respectively and binance coin is down 5.8%. Indeed, almost all of the assets in the CoinDesk 20 – the 20 cryptocurrencies making up the lion’s share of the crypto market at eight significant exchanges – have fallen in price over the last 24 hours.

See also: Bitcoin Price Decline Deepens, Heads for Worst Week Since February

Related Stories