Tuesday, February 23, 2021

Bitcoin recovered amazingly from the fall, though Yellen said it was very ugly


The bitcoin price has broken records on a daily basis with a slight exaggeration in recent weeks, but today the correction has arrived and we are seeing a marked drop in the cryptodevices market. Incidentally, bitcoin rose to a new all-time high of $ 58,352.8 on Sunday, hence the correction today, falling to as much as $ 53,505.7, a drop of 8.1 percent. Part of the truth is that bitcoin is up 87.5 percent this year, even with today’s fall.

The correction for bitcoin is already ripe, as the cryptodevice rate has risen sharply in the recent period and the RSI has also been essentially above 70 since Tesla’s announcement on February 8, meaning it has been consistently overspent over the past two weeks, but still stands at 71. indicator value on the daily graph. By the way, the RSI is over 80 on a weekly chart, while it is over 90 points on a monthly basis, so in the longer term we can still talk about massive overdose.

According to JP Morgan, the volatility of bitcoin is expected to remain with us in the future, as as market liquidity declines, volatility will increase and smaller transactions will have a relatively high impact on the exchange rate.

As usual, bitcoin has dragged the entire cryptodevice market with it, with the price of ethereum currently down 5.3 percent.

While bitcoin cash, for example, fell 5.8 percent.

Among the major cryptocurrencies, we currently see an exception today, the Ripple, which is currently up 3.9 percent.

Cover image: Dan Kitwood / Getty Images





#Bitcoin #recovered #amazingly #fall #Yellen #ugly

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