Member-only story
Bitcoin falls down below $50,000 amid a crypto market reversal.
Bitcoin has retreated below the critical $50k mark, moving closer to the $49k level.
Bitcoin’s momentum has dwindled, and other leading coins have also fallen.
Bitcoin failed to settle above the 50-day moving average at $52,000 and fell below the psychologically key $50,000 barrier. This action has had a detrimental influence on the crypto market atmosphere, and all major cryptocurrencies are under pressure.
Ethereum has fallen below the $4,000 support level and is attempting to settle below the next support level at $3,900. Solana failed to break beyond the $200 barrier and tested support at the 20 EMA at $187.50. Binance Coin, Cardano, XRP, Terra, and Avalanche are all falling as traders decrease their holdings following Bitcoin’s re-entry below $50,000.
The current environment is particularly discouraging for crypto bulls since there is no global flight from risky assets. The S&P 500 futures are trading around all-time highs, gold is trading in the $1800 — $1815 area, and the US dollar is fairly unchanged versus a basket of currencies. As a result, the present decline is restricted to the crypto area.
