Bitcoin bleeds under $50,000 amidst global stock market sell-off, what to expect from the BTC cycle
Crypto market capitalization dipped by 15% in the past 24 hours, according to CoinGecko data, down to $1.89 trillion at the time of writing on Monday. Bitcoin suffered a steep correction alongside the S&P 500 and the Nasdaq Composite despite having a negative 30-day correlation, per IntoTheBlock data.
Top trending meme coins PEPE, BOME, TRUMP experience a double-digit crash
Pepe (PEPE), Book of Meme (BOME), and Trump (MAGA) are testing crucial support levels following a double-digit crash on Monday, with the technical outlook suggesting potential corrections for all three.
Crypto investors have lost their nerve
The cryptocurrency market was hit by a sell-off over the weekend, the likes of which haven't been seen in a long time. We would not have been surprised to see such a sell-off before the halving due to the last takeout of buyers before the start of active growth. There is nothing unusual about such a downward amplitude in a bear market either, but not now, when the 4-year cyclical pattern should work on the bulls' side.
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Bitcoin: Can BTC bounce back from recent market crash?
Bitcoin (BTC) trades above $60,000 on Friday after a 7.2% decline and a dip below the $50,000 level earlier in the week, following a test of its daily support level at around $49,900 on Monday. Arkham Intelligence data reveals that major investors such as BlackRock, MicroStrategy, Grayscale, and Fidelity retained their Bitcoin holdings during the sell-off. Additionally, on-chain data indicates that permanent holder addresses continue accumulating BTC despite recent market fluctuations.