Has Bitcoin hit rock bottom – or is the dip just beginning?
Crypto fans are squatting their pockets, hoping the market will stop falling after five days of pain caused by Elon Musk’s reversal in Bitcoin.
The original cryptocurrency fell to a more than three-month low of $ 42,300 at 2:10 p.m. AEST on Monday before rebounding somewhat to $ 43,500 by 3 p.m. Some called a floor –
BOTTOM.
– Bitcoin-Fund-Manager.com participates. Welcome (@OTC_Bitcoin) May 17, 2021
$ btc #Bitcoin
At least for the next few hours there is not much time before the bath is immersed. Still don’t panic on #altcoins + Double Bottom for most, so it could end up as the boring dip you never buy.
The BTC dominance is expected to ricochet off here. pic.twitter.com/V17UubpT6o
– Toccata (@pangermie) May 17, 2021
Others were concerned about a “bull trap” and BTC falling to $ 33,000 or less.
#Bitcoin Bulltrap forming at 43000? The cool crypto is out … for this bull market? Next stop 37,000, then 29,000. Maybe the bottom is 20,000 for $ BTC? The head and shoulders are broken anyway … ?
No financial advice pic.twitter.com/dUA0Z9ioT8
– spacebartender (@spacebartender) May 17, 2021
Dave Haslop, the Gold Coast founder of the crypto trading and education platform Crypto Den, told Stockhead in a message at 2:41 pm that Bitcoin “has literally just reached one very important IMO level.
“If we break this level, we will see some big declines in price. I will wait for this daily candle to decide. “
With a BTC drop of more than 10 percent in the past 24 hours, crypto fans comforted themselves that altcoins were no longer beaten. Most fell between 10 and 15 percent, with Safemoon the worst top 100 crypto, down 25 percent. Holo and Solana were even humble and Cardano held over $ 2 at $ 2.11.
The Crypto Fear & Greed Index was 27 on a scale from 0 to 100, which indicates “fear”, a slight plus compared to yesterday’s 20 value of “extreme fear” – the biggest fear that the market sentiment indicator found since April 2020 has the level of the pandemic.
The mood got a boost shortly before 4 p.m. when Musk made it clear that Tesla hadn’t sold any of its Bitcoin holdings after all.
To clear speculation, Tesla did not sell Bitcoin
– Elon Musk (@elonmusk) May 17, 2021
BTC prices soared from $ 42,600 to $ 44,800 in the half hour after Musk’s tweet, and then returned to the level they were trading at around noon.
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