27 February 2021
Since yesterday, the bitcoin and crypto market is bleeding out. Bitcoin has almost shed $6,5000 and currently trading at $29,000. As per Tradingview, the intraday high for BTC was $35,000 and it has reclaimed to $30k level.
Bitcoin reached an all-time high of $42,000 on 8th Jan 2021. However, the price has corrected 30% to current levels. Corrections are a part of the market and it's healthy and needs to occur.
Back in 2017, there were numerous corrections in bull runs till the price reached an all-time high. Some of the bitcoin bulls such as RT Max Keiser are certainly not worried and see this as a buying opportunity.
As per the technical analyst, ‘Altcoins Sherpa’ when there are larger corrections and formation of a base it is bullish for long-term gains. There are chances that corrections are not over yet and it can break below this level with% reaching 25k level.
Altcoins are following their big brother the total market capitalization has gone down by $150 Billion in the past 24 hours.
The second leading cryptocurrency, Ethereum has lost a similar amount to bitcoin, dropping 15%.