This was a result of an important resistance point that proved impossible for bitcoin to beat at the time.
This is due to the fact that as the price grows, the resistance being mounted by bears at various levels becomes increasingly hard to beat.
This point is pertinent for bitcoin to beat given that it is the major resistance between the asset and the coveted $50,000 price point.
$47,500 is an important technical level for BTC which means a failure to maintain a position above this would be brutal, as evidenced by the recent downtrend.
This is nothing more than a correction though after a tremendous bull run, notes Egor Volotkovich, Executive Director of cross-chain solutions at EVODeFi.
It has also formed new support around its 200-day moving average which has always been a sign of good things to come in the past.
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