Data from Cointelegraph Markets and TradingView painted a gloomy picture for bulls on Tuesday as BTC/USD hit lows of $45,000 on Bitstamp.The losses reverse a rebound that halted Monday's 20% price crash from all-time highs near $58,000. Bitcoin bounced at $47,400 on the day to return to $54,000 before a fresh dip took hold.
At the time of writing, $47,000 was again acting as some form of focus for support, with the trajectory still unclear amid heavy volatility.
Data from Cointelegraph Markets and TradingView shows that Bitcoin decreased from a high of $58,274 on Feb. 21 to a low of $47,622 during the early hours on Monday before buyers returned to lift BTC to its current value of $53,350.
Despite today’s $1.6 billion liquidation event, Bitcoin bulls remain optimistic about the future of the top cryptocurrency with key indicators suggesting that those buying today’s dip are likely to come out on top.
An important Chicago Mercantile Exchange Bitcoin (BTC) futures gap closed as BTC/USD suddenly dropped below $54,000 on Feb. 22. A CME gap forms when the price of Bitcoin moves either up or down after the CME closes during the weekend or holidays in the United States.
Unlike most cryptocurrency exchanges, because the CME Bitcoin futures exchange is not open at all times, a gap forms between CME and many Bitcoin trading platforms. The CME gap is sometimes considered an important gap to fill for the Bitcoin rally to continue in the near term.
This Daily Dose was brought to you by Cointelegraph.