Bitcoin (BTC) fell below $50,000 on Feb. 22 as a correction gathered pace at Wall Street’s opening to deliver 20% daily losses prior to a strong response from the bulls.
BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview Bitcoin loses $6,000 in minutes
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After reversing at all-time highs of $58,312 on Sunday, Bitcoin fell almost $7,000 in under an hour, sparking intense volatility, which continued at the time of writing.
“Almost a $7,000 hourly candle. That has to be by far the largest hourly move in history,” analyst Scott Melker reacted.
Earlier, Cointelegraph Markets analyst Michaël van de Poppe highlighted the area between $50,500 and $52,000 as being crucial to hold in order to preserve the chances of the bull run continuing in the short term.
In fresh analysis on Monday, he noted that historically, this time of year is not when crypto markets