Bitcoin price has been in free fall mode, plummeting sharply from $65,000 to now under $50,000 for the first time since March.
Bitcoin Price Falls Under $50,000 Briefly
Bulls at the moment have pushed Bitcoin price back up more than $1,200 as orders at $50,000 filled for the first time in a month.
Related Reading | Bitcoin Loses Important Lifeline That Got Bulls Blood Pumping
A recent proposal under US President Biden to increase capital gains tax for the wealthiest individuals has spooked markets.
Combined with recent FUD surrounding the China hash rate decline and potential coming regulatory and tax crackdown, the once hot cryptocurrency is now struggling.
For now, bulls continue to insist on buying the dip considering how little time Bitcoin spent below the key psychological level before a decent bounce arrived.
Bitcoin price took a sharp dive below $50,000 | Source: BTCUSD on TradingView.com Is The Crypto Market In Jeopardy Due To Capital Gains Proposal?