Bitcoin (BTC) prolonged its losses on Feb. 23 as promoting stress took markets beneath $47,000 for the primary time in over every week. 

BTC/USD 1-hour candle chart (Bitstamp). Supply: Tradingview

Recent dive takes BTC/USD to 8-day lows

Information from Cointelegraph Markets and TradingView painted a dismal image for bulls on Tuesday as BTC/USD hit lows of $45,000 on Bitstamp. 

The losses reverse a rebound that halted Monday’s 20% price crash from all-time highs close to $58,000. Bitcoin bounced at $47,400 on the day to return to $54,000 earlier than a contemporary dip took maintain.

On the time of writing, $47,000 was once more appearing as some type of focus for help, with the trajectory nonetheless unclear amid heavy volatility.

Evaluation of purchase and promote positions produced little hope for stemming losses ought to that degree fail, with help missing beneath $46,500.

BTC/USD help and resistance ranges chart. Supply: WhaleMap

$50,000 set to change into resistance once more

For analysts, nevertheless, even the prospect of a extra critical retracement was nothing to concern. In comparison with earlier value dips, the present one was a drop within the ocean.

“We’ve skilled 2018 & 2019. That is nothing,” Cointelegraph Markets analyst Michaël van de Poppe summarized to Twitter followers.

In an accompanying YouTube replace, he forecast that ought to bears take maintain, Bitcoin could possibly be in for what’s basic conduct for the month of March, which historically sees corrections.

“Approaching bounce area for Bitcoin. I believe we’re shut now,” an additional tweet added.

“Resistance zone at $48,500 and $51,000.”

As Cointelegraph reported, theories explaining the downturn vary from whale sell-offs to pure market cycles.