Bitcoin Price sheds Over 10,000 USD under 24 hours in Major Price Correction

By: Dickson Arinze

February 23, 2021 3:58 AM

Bitcoin experienced a major price correction on Monday as the top ranked cryptoassets went down by over 20%.

Over the past few weeks, the bitcoin price has seen a steady rise as it pushed towards $60,000 mark. But the past 24 hours has seen the awakening of BTC volatile nature as Bitcoin lost over $10,200 hitting under $48,000 from $58,000.

Bitcoin market dominance has rising as a result of the price correction which affected other cryptocurrencies to fall alongside Bitcoin. Although, the pullback was expected after 28,000 BTC was deposited to Gemini.

On February 21, the crypto asset set a new all-time high of $58,228, according to Messari data. As a consequence, some bitcoiners now predict that a price of $100,000 can be achieved in 2021.

  Bearish divergence implying further downside to come

BTC/USDT 6-hour chart. Binance Source: TradingView

In other for Bitcoin to archive the $100,000 target as predicted by experts, this recent pullback can be considered as a market reset after BTC rapid rise to $58,000.

The $50,000 Support level for Bitcoin was swiftly crushed as it went below $48,000
If the area between $42,000-44,000 holds, upward continuation is likely. In that case, the point of interest at $63,000 is still on the table.

However, the bearish divergence and the weakness at the start of this week suggest more downside is possible. In that regard, if bitcoin should loose the $42,000-44,000 mark, we could see further correction towards $37,000.