Bitcoin has experienced a sharp fall on the day with a 7.2% slide to its current price of $21,500. As much as an 8% price reduction was seen earlier. Practically the entire crypto market has followed suit.
The yoyo that is crypto continues to bounce around in the midst of extremely uncertain macroeconomic times. The rally that had begun at $17,500 was making steady higher highs and higher lows.
However, this morning’s fairly emphatic dump has sent the market into the jitters territory again, and all are wondering if the strong support of the 200 weekly moving average will be held by the end of the week, or if bitcoin is going to break it and head down to its previous local low.
CZ, the CEO of Binance, tweeted out a vaguely enigmatic statement with his view of the situation:
Nevertheless, given that the rally was in its ninth week and that from bottom to top, the bitcoin price had increased 43%, the market was probably overdue for a correction.