Bitcoin is now down 23% from it’s all-time high after quickly crashing below $50,000.
The price of Bitcoin has fallen below $50,000 for the first time since March, with BTC shedding roughly 10% in the last 12 hours.
On April 17, the $60,000 range was rejected, driving a crash in the Bitcoin price of nearly 20% in a single hour. While the markets consolidated near $55,000 for several days, bulls failed to defend the range on April 22, resulting in sustained bearish action over the past day.
Yesterday, Cointelegraph reported that significant profit-taking in the Bitcoin markets may suggest an fridaycrypto.com/news/bitcoin-whale-watching-this-metric-that-called-the-2018-top-is-now-flashing-red” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/fridaycrypto.com/news/bitcoin-whale-watching-this-metric-that-called-the-2018-top-is-now-flashing-red/amp”>impending local top, with today’s slump appearing to confirm the hypothesis. Analysts from JP Morgan similarly warned of sustained bearish action should BTC fail to reclaim the $60,000 level.
The move below the psychological $50K mark has prompted mixed reactions on Twitter, with Messari researcher Mira Christanto noting the markets have only retraced from the all-time high by 23% — significantly less than the typical pull-backs experienced during the 2017 bull run that produced losses of 35% on average.
But notorious gold bug and crypto-skeptic, Peter Schiiff, was also quick to comment on the market action, poking fun at Bitcoin proponent Anthony Pompliano.
— Peter Schiff (@PeterSchiff) April 23, 2021
Pompliano responded: “Bitcoin is up 600% in last year. Gold is up 3% in last year. No more tweeting until gold can beat inflation, Peter!”
Twitter-user “Fintwit” also replied to Schiff, noting that “gold is up 0% since 2011.”
Ethereum also tumbled today, shedding roughly 8% in the past 24 hours. However, Ether has outperformed BTC over recent days, rallying to tag a new all-time high above $2,600 on April 22.
Yesterday’s highs saw ETH/BTC trading at its strongest level since August 2018, with Ether trading for 0.047 BTC. Ethereum last changed hands for 0.045 BTC.
Ether has dropped 11% over the past seven days, while Bitcon’s is down 21% over the same period.