Bitcoin Suffers Dip Below $50k Following Bloodbath in the Equity Markets

Bitcoin Suffers Dip Below $50k Following Bloodbath in the Equity Markets

Bitcoin’s (BTC) recent bull run above the $50k mark appears to have veered off-course, as the cryptocurrency has fallen below the highly-coveted psychological level, once again. Meanwhile, most altcoins either stalled or posted significant dips as well, while the cryptocurrency market struggles to keep its capitalization above $1.5 trillion.

That said, it appears that yesterday’s dip was triggered by the sharp drop in the equity markets, considering the growing correlation between Bitcoin and the traditional markets. At press time, the NASDAQ Composite Index is down by -2.7%, while the Nasdaq 100 and the S&P 500 are down by -2.88% and 1.3%, respectively.

The altcoin market had a similar story, as most cryptocurrencies in this basket saw double-digits over the past few days but have now stalled or retraced over the past 24 hours.

Ethereum (ETH) fell from a high of $1,6580 yesterday to the $1,527 level a few hours ago, effectively shaving off more than $130 (-9%) from its price. Meanwhile, Cardano (ADA), Binance Coin (BNB), Polkadot (DOT), Litecoin (LTC), Chainlink (LINK), and Bitcoin Cash (BCH) are currently red as well, with -3%, -3%, -3%, -4%, -3%, and -3%, respectively. Ripple (XRP), however, appears to be faring just fine and has added 2% to its value over the past 24 hours.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — March 4

Following the recent dip, Bitcoin bulls are faced with the task of holding the cryptocurrency above the crucial $48,500 support level. A good defense of this line could help the cryptocurrency stage rebound back above the $50k mark.

On the flip side, failure to hold above this level could send the benchmark cryptocurrency below the $47,500 support, once again.

Meanwhile, our key resistance levels are at $50,000, $51,400, and $52,500. While our key support levels are at $48,500, $47,500, and $46,000.

Total Market Capitalization: $1.50 trillion

Bitcoin Market Capitalization: $916 billion

Bitcoin Dominance: 60.7%

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.