Historically, April is an extremely successful month for the first cryptocurrency, but not this year – Bitcoin continues to roll back and for the first time since March 8 fell below $ 50,000.
Fundamental factors contribute to the fall – recently, US President Joe Biden proposed to increase income taxes for the country’s wealthy citizens. In addition, the hashrate of the Bitcoin network still hasn’t recovered from the drop after the Chinese miners shutdown. Although in this case there is some improvement in the indicator.
The bulls are trying to hold the important level of $ 50,000, but the forces are not equal. The first “puncture” of the level was quickly repulsed, but after 15 minutes the “bears” increased the pressure and the bitcoin rate fell to $ 48,500. The fall from $ 55,000 to $ 49,000 took only 10 hours.
Many analysts believe that if Bitcoin does not hold above $ 50,000, then the uptrend will be threatened and the market will enter a prolonged phase of consolidation, during which Bitcoin may drop to $ 30,000. For example, Scott Minerd, investment director at Guggenheim Partners warned of the possibility of a 50% drop in the BTC rate, that is, to $ 20,000- $ 30,000.
Earlier, cryptocurrency enthusiast and investor Raoul Pal noted that now ETH looks much more attractive for investments than BTC.