In early trading on Sunday, bitcoin prices fell to their lowest levels in more than 11 weeks, reaching $ 46,700 before a slight recovery.
The last time Bitcoin fell to this level was at the end of February during the second major correction of this rally.
A bounce off this low sent Bitcoin price over $ 60,000 for the first time in the next two weeks.
Bitcoin price drop:
This time, things look a little different since bitcoin’s all-time high of $ 65,000 on April 14th.
Bitcoin hit a lower high and now forms a second lower low, indicating the development of a larger downtrend.
The analyst “CryptoFibonacci” has been watching the weekly chart which also indicates that the bulls may lose ground.
The latest drop was prompted by Elon Musk as he tweeted about Bitcoin’s energy consumption on May 13th.
The Bitcoin fear and greed index fell to 20, meaning that the index indicates “extreme fear”, its lowest level since the market crash in March 2020.
At the time of preparing this article, Bitcoin is trading for less than $ 49,000, down 15% over the past 7 days.
Cardano ADA coin continues to hit new highs:
As usual, the decline of Bitcoin contributed to the sale of most other cryptocurrencies, which led to the exit of about $ 150 billion from the market over the past day or so.
The total market cap fell to $ 2.28 trillion after an all-time high of $ 2.5 trillion on May 12th.
Long-term things remain high but losses could quickly accelerate if bearish sentiment picks up.
Not all cryptocurrencies corrected at the end of this week, rather some of them continued to climb and make gains to new highs.
Among the weekend warriors we find the Cardano ADA coin, which rose to a new record high, as the coin rose 15.28% in the last 24 hours and is currently trading at $ 2.43, according to coinmarketcap .
The ADA digital currency hit an all-time high of $ 2.46 hours ago, up 70% over the past 30 days.