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The dip that shook the market and what lies ahead, as Bitcoin crosses $50,000
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Bitcoin dropped by almost 20% over the weekend, falling down to a three-month low of $46.5k amid a market-wide flash crash. The choppy price action gave way to panic sell-offs and weak-hand capitulation. On the other hand, ‘buy the dip’ chants took over crypto Twitter.
At the time of writing, Bitcoin finally seemed to recover, making its way back to $50.1K, noting over 6% daily gains. However, the question is, can this recovery sustain?
For most of November, Bitcoin made lower lows as its price fell by almost 27% from the all-time high of $69,000. Bitcoin’s November trajectory highlighted how after each dip, a small price uptick or rather consolidation, was noted which was then followed by a bigger dip.
Source: TradingView
Bitcoin’s price
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