Bitcoin (BTC) price fell below $ 50,000 for the first time since March, and BTC has lost nearly 10 percent in the past 12 hours.
After the $ 60,000 resistance was rejected on April 17, there was a nearly 20 percent drop in the bitcoin price in just 1 hour. While the markets consolidated around $ 55,000 for several days, the bulls’ move on April 22 was not enough and the bearish movement continued.
Cointelegraph said yesterday that a significant profit taking process can occur in the Bitcoin markets. JP Morgan analysts similarly warned that if the BTC price does not regain the $ 60,000 level, it will fall into decline.
Movements below the psychological limit of $ 50,000 caused mixed reactions on Twitter. Messari researcher Mira Christanto said that only 23 percent of the markets retreated from their all-time high. stated and during the 2017 bull market, withdrawals of up to 35 percent took place.
Gold supporter Peter Schiff made a comment that made fun of his supporter Anthony Pompliano after the price of Bitcoin fell below $ 50,000.
– Peter Schiff (@PeterSchiff) April 23, 2021
Pompliano in his reply he wrote: “Bitcoin rose 600 percent last year. Gold rose 3 percent last year. No tweeting until gold beats inflation, Peter!”
Twitter user “Fintwit” also responded to Schiff that “gold has increased 0 percent since 2011”. stated.
Ethereum has also seen a decline and has declined roughly 10 percent in the past 24 hours. However, Ether has outperformed BTC in recent days. It rose above its all-time high of $ 2,600 on April 22nd.