Bitcoin loses its grip on $50,000 as weekend trading slumps


Bitcoin fell below $ 50,000 again today as weekend trading struggled to get off the ground across the board.

Although signs of life were briefly shown yesterday with a determined move towards $ 51,000 in what looked like a real effort to shake off the hangover of a crimson week for cryptocurrency, the world’s leading digital asset fell back to levels around 49,500 due to weak trading volume $.

The weekends, which have traditionally been weak volume in BTC history, have seen some notable price moves higher lately. However, last Sunday’s decline from over $ 60,000 to the mid-1950s, followed by a breathtaking plunge to $ 48,000 days later, appears to have set the marker for market sentiment, which appears almost disinterested.

The craze for all-time high excitement, which is regularly achieved with a boastful nonchalance, seems to have all but erased as markets enter a tentative – but seemingly temporary – recovery mode.

Robust support lines

A positive signpost for many cryptocurrencies that have suffered from scarlet fever for the past week is the sign of robust support lines that can hold their own against multiple suggestions of the expected and dramatic corrections by many analysts.

Days ago, Scott Minerd, the veteran figurehead of Guggenheim Partners’ finance department, claimed Bitcoin had overwhelmed itself at a dangerous rate and said the flagship’s cryptocurrency could cut in half dramatically in the coming weeks.

Minerd – also chairman of Guggenheim Investments and a member of the New York Federal Reserve Bank’s Investor Advisory Committee on financial markets – called the market “frothy” and was preparing for a potentially massive pullback.

Given the overwhelming downward pressure, both Bitcoin and Ethereum appear to have landed on solid ground at their current levels, potentially providing a platform for rebuilding in the next few days.

Ethereum’s home currency, ETH, hit a hugely important high in the past week. The significant psychological barrier of $ 2,500 was enthusiastically breached just before the red veil was drawn across the markets.

But just like Bitcoin, Ether has also found a reasonably stable horizontal line as it spans over $ 2,200. With BTC apparently happy to meander between $ 49,500 and $ 51,400, in all respects it looks like the market leaders are preparing to bounce back and weather any possible storm that the last days of April are frequent trigger.

Elsewhere, Litecoin (LTC) appears to reflect the same battle plan, in which it goes above $ 225 while Binance’s native BNB stabilizes around $ 500.

The world of cryptocurrency has seen a massive wave of success in the past few months. Perhaps this general ebb tide is where Bitcoin, Ethereum, BNB, and others just have to sit on the beach for a while and think about how far they have come.