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Bitcoin Sees Sharp Rejection at $48,000, Drops Nearly 5 Percent

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Sat, 08/14/2021 - 12:02
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Alex Dovbnya
Bears have decisively defended the $48,000 level, sending Bitcoin down nearly five percent
Bitcoin Sees Sharp Rejection at $48,000, Drops Nearly 5 Percent
Cover image via stock.adobe.com

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What was shaping up to be a big weekend for bulls ended up being a flash in the pan.

The largest cryptocurrency by market cap managed to reclaim the $48,000 level at 9:40 a.m. UTC on the Bitstamp exchange for the first since May 16.

BTC
Image by tradingview.com

The price spike ended up being extremely short-lived. After facing a sharp rejection at $48,000, Bitcoin plunged by 4.5 percent within minutes.

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At press time, it is trading at the $46,300 level on major spot exchanges after paring some losses. 

Bitcoin spiked sharply higher on Aug. 13 after Bloomberg reported that the U.S. Treasury Department wouldn’t crack down on software developers, miners, stakers, and hardware sellers despite the $1 trillion infrastructure bill with the damning cryptocurrency tax provision clearing the U.S. Senate.

Yet, XRP, Cardano, and Dogecoin recording double-digit gains was a sign of growing market froth.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.