Analytics / Forex and Crypto News
Over the past 48 hours, the price of Bitcoin has changed by more than $10000. If on February 21, the BTС/USD pair was trading around $58000, today the pair dropped to the $45000 area. At the time of publication, the BTC/USD pair is trading around $48800. In absolute terms, the price has dropped by almost $10000, but in percentage terms, it is only 3,5%. In addition, at the end of 7 days, the growth in the price of Bitcoin is still 2,5%. Therefore, many analysts urge investors not to panic and predict an imminent price return. The current correction was expected as the market was overheated.
If you look at the chart of the BTC/USD pair, you can see that on January 11 of this year, the BTC/USD pair has already shown a correction. Then the BTC/USD pair dropped from $40000 to $30000 before starting a bullish rally.
Some analysts say the current drop in cryptocurrency prices was even necessary. It tempered traders' appetites and balanced the overall market situation. Thus, we managed to minimize the risks of a larger rollback.