Bitcoin (BTC) Price Remains Below $50,000 After Weekend Selloff, Analyst Expects a 'Hard Month'
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Bitcoin (BTC) price is down about 3.5% today to remain to trade below the $50,000 mark after a sharp move lower that has started on Friday.
Bitcoin price traded around $57,000 on Friday before an Omicron-fueled rally started to send markets lower. As cryptocurrency trading is 24/7, the market selloff accelerated on Saturday to push the BTC price all the way to $42,333.
“It looks like somebody likely got hit with a margin call yesterday and thus was ‘forced’ to sell. The Bitcoin market tends to be much more “thin” on the weekends, so that probably exacerbated the decline. Once the dust had settled, the buyer came back in and it stabilized.” Matt Maley, equity strategist at Miller Tabak, told CNBC.
The world’s largest digital asset has managed to recover a portion of losses to close at $49,421 on Saturday, or 8.2% in the red.
Matt Dibb, chief operating officer of Stackfunds, doesn’t believe that the cryptocurrency market is that stable.
"Our expectation is the rest of Q4 will be a hard month; we aren't seeing the strength in bitcoin that we generally see after one of these crushing days, leverage markets have been completely reset, and open interest within leverage markets has completely reset," he told Reuters.
Ethereum (ETH) price looks more stable but it also trades below the $4,000 handle after the battering on Saturday.
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