Bitcoin has fallen beneath the $50,000 psychological support line hitting its lowest point in 48 days.
At around 17:00 UTC on Thursday, bitcoin (BTC, -10.67%)‘s price fell from around $54,900 to $51,500 before the markets inflicted another sell-off to $48,300, according to Bitstamp exchange data. Prices are currently hovering around $49,200 representing an 8% drop or loss of about $4,300 over the previous 24-hours, according to CoinDesk’s bitcoin price page.
“On-chain data suggests we’re still in a long-term bull market,” Ki Young Ju, CEO of South Korea-based blockchain analytics firm CryptoQuant, told CoinDesk. “In the short-term, we might have a correction and going sideways in a broad range since the market is over-heated among retail investors.”
Bitcoin is on track to close out its biggest weekly drop since February when prices fell 21% before making a sharp recovery and breaking to all-time highs near $64,900.
A loss of the 100 daily moving average at around $49,400 may open up steeper losses to around $46,000, according to technical analysis theory.
Other cryptocurrencies are also experiencing sharp sells with XRP (-20.35%) and ether (ETH, -11.96%) both down 13% and 7% respectively, while binance coin is down 5.8%.