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Bitcoin: El Salvador Buys The Dip

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#bitcoin #cryptocurrency

#BTCUSD $ETHUSD $KNIGHTSUSD

“Spot market selling seems to have driven the cryptocurrency lower before triggering huge stop loss in the derivative markets”— Paul Ebeling

The price of bitcoin fell early Saturday, falling nearly $10,000 in roughly an hr to a temporary low of $42,000 before bouncing and is currently trading at $48,271.24

Bitcoin has fallen some $15,000 over the past 24 hrs. Ether fell around $1,100 over the same time frame.

The leading cryptocurrency reflected a broader drop in crypto markets, according to CoinDesk’s price index, with some cryptocurrencies falling more than 20% over the past 24 hrs. Most of these assets appear to have suffered a sharp decline starting around 04:00 UTC Saturday.

Spot market selling looks to have driven the cryptocurrency lower before triggering huge stop loss in the derivative markets.

Nevertheless, some are using this fall as an opportunity to “buy the dip.” El Salvador President, whose country holds bitcoin on its balance sheet and has purchased coins during previous dips, announced another purchase of 150 BTC for around $48,700 each.

Have a happy, healthy weekend, Keep the Faith!

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Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.