Market Analysis

Bitcoin Price Falls Under $49k- Market Awaits Options Expiry Scheduled For Today.

The price of the leading cryptocurrency Bitcoin [BTC] has fallen beneath the $49k benchmark psychological support line hitting its lowest point in 48 days.

At around 17:00 UTC earlier on Thursday, Bitcoin [BTC, -11.24%]‘s price tumbled from around $54,900 USD to $51,500 USD prior to the markets inflicted another sell-off to $48,300 USD, consistent with Bitstamp exchange data. Prices are presently hovering around $49,200 USD representing an 8% drop or loss of about $4,300 over the previous 24-hours, consistent with CoinMarketCap data.

“On-chain data suggests we’re still within a long-term market,” Ki-Young Ju, CEO of South Korea-based blockchain analytics firm CryptoQuant, added. “In the short-term, we’d have a correction and going sideways during a broad range since the market is over-heated among retail investors.”

Bitcoin is on target to shut out its biggest weekly drop since February when prices fell 21% before making a pointy recovery and breaking to all-time highs near $64,900 USD.

A loss of the 100 daily moving average at around $49,400 USD might open up steeper losses to around $46,000 USD, consistent with technical analysis theory.

While on the other hand, other cryptocurrencies are also experiencing sharp sales with Ripple [XRP,-22.72%] and Ethereum [ETH, -13.04%] both down 13% and 7% respectively, while Binance coin is down 15.94%. Indeed, most of the assets within the CoinMarketCap top 20 list – the 20 cryptocurrencies making up the lion’s share of the crypto market at eight significant exchanges – have fallen in price over the past 24 hours.

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