{"id":1426,"date":"2021-12-12T16:36:00","date_gmt":"2021-12-12T21:36:00","guid":{"rendered":"https:\/\/www.hodlin.com\/blog\/?p=1426"},"modified":"2021-12-14T17:19:35","modified_gmt":"2021-12-14T22:19:35","slug":"bitcoin-drops-below-50k-bulls-defiant","status":"publish","type":"post","link":"https:\/\/www.hodlin.com\/blog\/bitcoin-drops-below-50k-bulls-defiant","title":{"rendered":"Bitcoin Drops Below $50k, Bulls Defiant and Expect a Strong Pullback"},"content":{"rendered":"\n
\"Bitcoin
Bitcoin Drops Below 50k<\/figcaption><\/figure>\n\n\n\n

It has been a disastrous weekend for the Bitcoin and crypto markets. On December 4, BTC prices<\/a> crashed over 20 percent, temporarily dropping below $47k.<\/p>\n\n\n\n

This, according to analysts, mirrored losses posted on May 15 when BTCUSDT sunk to $24k, causing jitters across the board. Thus far, over $61 million worth of BTC longs has been liquidated in the last 24 hours. At the time of writing, BTC prices are back above $48.7k, stabilizing amid confidence from analysts that bottoms are in and prices are set for a sharp bound.<\/p>\n\n\n\n

BTC has the Backing from Governments and Corporations. Are Bears Back?<\/h2>\n\n\n\n

Still, skeptics argue that sellers are firmly in charge.<\/p>\n\n\n\n

There could be valid support from a fundamental perspective that Bitcoin has backing from some governments like El Salvador and heavy-weight corporations doubling down the dips.<\/p>\n\n\n\n

However, sellers appear to be squarely in control from a technical perspective, trending below former multiple support levels in $53k and $50k. Last week’s losses seemed to have effectively canceled the uptrend, putting BTC bears in charge while marking peaks after an exemplary 2021 performance.<\/p>\n\n\n\n

Bitcoin is Precious – Jack Dorsey<\/h2>\n\n\n\n

Even still, regardless of the coin’s trajectory in the medium term, Jack Dorsey\u2014who is also stepping down as the CEO of Twitter – is a firm Bitcoin believer. It is the view of the creator that Bitcoin is an unstoppable force that’s changing everything.<\/p>\n\n\n\n

Earlier, Jack said he was drawn the most to Bitcoin because of its ethos and what it represents. Specifically, the conditions which led to BTC’s conditions are “special and precious.”<\/p>\n\n\n\n

It is not yet clear what Jack will do next. However, there is speculation that he might proceed to found a web3 company focused purely on Bitcoin and crypto.<\/p>\n","protected":false},"excerpt":{"rendered":"

It has been a disastrous weekend for the Bitcoin and crypto markets. On December 4, BTC prices crashed over 20 percent, temporarily dropping below $47k. This, according to analysts, mirrored losses posted on May 15 when BTCUSDT sunk to $24k, causing jitters across the board. Thus far, over $61 million… Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":1427,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[11],"class_list":["post-1426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/posts\/1426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/comments?post=1426"}],"version-history":[{"count":1,"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/posts\/1426\/revisions"}],"predecessor-version":[{"id":1428,"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/posts\/1426\/revisions\/1428"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/media\/1427"}],"wp:attachment":[{"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/media?parent=1426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/categories?post=1426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/tags?post=1426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}