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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Breakdown: Bulls In Trouble As $50,000 Is Lost

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read
bitcoin bull

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Bitcoin price has been in free fall mode, plummeting sharply from $65,000 to now under $50,000 for the first time since March.

Bitcoin Price Falls Under $50,000 Briefly

Bulls at the moment have pushed Bitcoin price back up more than $1,200 as orders at $50,000 filled for the first time in a month.

Related Reading | Bitcoin Loses Important Lifeline That Got Bulls Blood Pumping

A recent proposal under US President Biden to increase capital gains tax for the wealthiest individuals has spooked markets.

Combined with recent FUD surrounding the China hash rate decline and potential coming regulatory and tax crackdown, the once hot cryptocurrency is now struggling.

For now, bulls continue to insist on buying the dip considering how little time Bitcoin spent below the key psychological level before a decent bounce arrived.

bitcoin 50000

Bitcoin price took a sharp dive below $50,000 | Source: BTCUSD on TradingView.com

Is The Crypto Market In Jeopardy Due To Capital Gains Proposal?

Bulls will need to call in the calvary with how bearish things just turned from a sentiment standpoint. Technicals have also started to turn for some time.

Fundamentals such as strong hands and a decrease in BTC supply on exchanges has kept the uptrend climbing, but the capital gains FUD could get some coins moving.

At the very least, some profit taking to cover off on what could be sizable capital gains for crypto investors might occur and free up supply and weaken some of the stronger hands.

Related Reading | Potential Island Reversal Leaves Bitcoin Bulls Stranded

Thus far, the market doesn’t like this proposal. However, it’s being done on purpose to slow down perceived dollar inflation, as these assets the dollar trades against have recently gone parabolic.

All eyes will be on Bitcoin from here and if bulls can defend $50,000. Lose it, and the uptrend is in danger.

Featured image from Pixabay, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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