Despite nearing reaching $53K yesterday, bitcoin has failed to stabilize above $50,000. Since BTC heavily dipped to $43,000 last Sunday, the leading cryptocurrency has been gradually increasing in its price. In the past few days, the bulls were especially active and pushed the value of BTC. Analysts at Bexplus believed that this led to yesterday’s positive performance that bitcoin surged to nearly $53,000, which is the highest level in ten days.
However, it seems the bears successfully drove bitcoin down again in the early morning(Mar. 4th, UTC). In the following hours, BTC dumped below $49,000 and fluctuated, which touched the lowest price $47,873. From the chart below, if bitcoin fails to stabilize above the recent support line of $47,000, then it might hit a lower price and continue its correction in the near future.
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.