Market Analysis

Bitcoin suddenly retests $50K in possible ‘shakeout’ as analysts stay bullish on BTC

A classic volatility surprise excites rather than concerns traders, but altcoins lose out heavily.

Bitcoin (BTC) kept traders on their toes on Tuesday as a sudden price dip sparked a retest of $50,000. 

Bitcoin suddenly retests $50K in possible ‘shakeout’ as analysts stay bullish on BTC

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC still “fine” at $49,000

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it shed $2,000 in two hours Tuesday.

The pair had hit $52,960 — nearly a four-month high — before consolidating and then heading lower.

The volatile conditions mark a memorable day for Bitcoin adoption, coming as El Salvador becomes the first country in history to adopt a partial “Bitcoin standard.”

For traders, the BTC price reversal, which at the time of writing had cooled at $50,500, was likely merely a technical event.

“Shaking out some late longs I’d expect,” popular social media trader Crypto Chase commented.

Read more:  Pro traders went long as Bitcoin fell to $45K, liquidating $5.9B in futures

Solana (SOL) was the day’s only winner yet again out of the top 10 cryptocurrencies, impressively gaining nearly 25% in 24 hours.

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