On Sunday, Feb. 14, the price of bitcoin hit an all-time high of $49,660.51, but it went through a sharp correction from the early morning today(UTC). Its value dipped below $45K after failing to conquer the coveted $50,000 level. At the time of writing, bitcoin was changing hands around $47,800 and looking in danger of falling further if it cannot stand above the current support levels of $44k.
It's believed that the institutional demand for BTC seems to be accelerating in 2021. This was confirmed by a few major events, the last one of which being Tesla revealing a $1.5 billion worth of BTC buy in January. Shortly after, Morgan Stanley, the financial services mogul, said that they are exploring if bitcoin is a suitable choice for their investors.
For a long-term investment, investors shouldn’t be concerned by short-term price fluctuations. For short-term traders, it seems that it is still a healthy correction because bitcoin will surge to $50K sooner or later, which is believed by most hodlers.
The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.