Bitcoin (BTC) price loses support from $50,000 in rapid decline this Wednesday morning

Charlie Taylor

The good moment was short-lived. After the big rise on Tuesday (7), this Wednesday (8) the cryptocurrency market fell again and with some force. Bitcoin (BTC) has dropped 4.5% in the last 24 hours and is trading at $49,121, according to data from Coinmarketcap. Ethereum (ETH) has a drop of 3.4% and […]

The Bitcoin Price (BTC) post loses support from the $50,000 plummeting this Wednesday morning first appeared in Bitcoin Portal .

The good moment was short-lived . After the big rise on Tuesday (7), this Wednesday (8) the cryptocurrency market fell again and with some force. Bitcoin (BTC) has dropped 4.5% in the last 24 hours and is trading at $49,121, according to data from Coinmarketcap .

Ethereum (ETH) is down 3.4% and trades at $4,268.

And the fall follows the list of major cryptocurrencies. Competitors of Ethereum seem to suffer in a special way: Solana (SOL) is down 8.7% and Cardano (ADA) is down 7.3%.

Polkadot (DOT) has losses of 3.2%, XRP (XRP) of 3.4% and Dogecoin 3.7%. The day is especially tough for those with large positions in Avalanche (AVAX), as the token is down 7.8%.

The global cryptocurrency market registers at the time of publication of this text a drop of 3.64% in its market value in the last 24 hours.

market recovery

After two weeks of intense declines, with Bitcoin reaching US$ 42,000, the market had a strong recovery on Tuesday (7). Bitcoin soared 8% and Ethereum 10% .

This spread to other currencies: Cardano was up over 13%, Solana up 12%, XRP just over 9%, Polkadot up over 13% and Dogecoin up 11%.

Cryptocurrency analyst and seasoned trader Marcel Pechman gave his opinion on the reasons for the rise on his YouTube channel .

For Pechman, the group of investors that bet on the fall of bitcoin ("short", in the English term) has already zeroed their positions and started to believe that the currency will not fall further at the moment.

The Bitcoin Price (BTC) post loses support from the $50,000 plummeting this Wednesday morning first appeared in Bitcoin Portal .

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