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Bitcoin suddenly retests $50K in possible shakeout


07 Sep 2021

#Bitcoin

A classic volatility surprise excites rather than concerns traders, but altcoins lose out heavily. Bitcoin (BTC) kept traders on their toes on Tuesday as a sudden price dip sparked a retest of $50,000. Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it shed $2,000 in two hours Tuesday. The pair had hit $52,960 — nearly a four-month high — before consolidating and then heading lower.

The volatile conditions mark a memorable day for Bitcoin adoption, coming as El Salvador becomes the first country in history to adopt a partial “Bitcoin standard.” For traders, the BTC price reversal, which at the time of writing had cooled at $50,500, was likely merely a technical event.

“Shaking out some late longs I’d expect,” popular social media trader Crypto Chase commented. “Still confident we see 54.7K~ hit as long as 50K can hold as support (fairly obvious 12HR level to work with here).”

As Cointelegraph reported, funding rates this week signaled bullish bias, with expectations of profitable shorts providing a potential opportunity for a squeeze upward. Cointelegraph contributor Michaël van de Poppe agreed, highlighting even $49,000 as a reasonable target, which would still give no cause for concern.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 75.2% 48 $28 279.47 0.07% 13.63% $546 494 314 501 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 83.6% 31 $1 799.37 -0.44% 7.08% $220 196 375 480 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $1.001852 0.03% -0.30% $77 579 753 841 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 78% 46 $326.48 -3.19% 5.28% $51 548 167 677 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94.4% 2 $0.999094 0.05% -0.02% $35 208 468 704 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 86.8% 15 $0.442825 11.63% 20.07% $22 562 333 716 XRP 7 days price change
7 HEX (HEX) HEX HEX predictions 63.6% 81 $0.105163 5.10% 28.30% $18 236 394 788 HEX 7 days price change
8 Cardano (ADA) ADA Cardano predictions 76.4% 51 $0.371643 7.97% 10.64% $12 903 136 163 ADA 7 days price change
9 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
10 Polygon (MATIC) MATIC Polygon predictions 76.4% 48 $1.15 -0.34% -2.20% $10 039 890 799 MATIC 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 71.6% 55 $0.075145 1.86% 2.48% $9 969 588 590 DOGE 7 days price change
12 Solana (SOL) SOL Solana predictions 73.2% 56 $22.53 -1.79% 9.39% $8 642 061 823 SOL 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 93.2% 1 $1.000025 0.01% -0.03% $8 119 883 434 BUSD 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 75.6% 50 $6.29 0.46% 1.61% $7 344 673 141 DOT 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 84.8% 22 $0.067252 3.83% 1.45% $6 837 900 813 WTRX 7 days price change

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