Bitcoin and the cryptocurrency market dump massively amid rumors of increase in taxes on capital gains.
Bitcoin slides under $50,000 as buyers struggle to secure formidable support level.
The short-term technical picture appears extremely bearish as more declines linger.
Bitcoin price had displayed incredible recovery signs on Thursday, with investors eyeing liftoff to $60,000. However, the flagship cryptocurrency hit a snag at $56,000, allowing correction to come into play. The breakdown ignored a double-bottom pattern at $51,000, whereby the bearish leg extended beneath $50,000.
Note that JP Morgan Chase & Co. analysts had warned earlier this week that Bitcoin lacked the momentum to continue with the uptrend. The analysts cited reduced institutional demand for the bellwether cryptocurrency. Moreover, they said that failure to gain ground above $60,000 soon would culminate in appreciable losses.
At the time of writing, Bitcoin trades at $49,800 amid a rising overhead pressure. I
Źródło: https://coingape.com/85096-2/
