In the last 24 hours, the Bitcoin price dropped slightly to $50,994 at 10.40 a.m. EST, and trading volume fell by around 12%. The market feels uncertain, especially for altcoins, which are waiting for signals from BTC.
Bitcoin, the main cryptocurrency, is trading steadily around $51,000 and staying above the $51,335 support level. On another note, Reddit, the big social media platform, mentioned in a filing on Feb. 22 for an initial public offering (IPO) that it owned some BTC and ETH by the end of last year. However, the amounts were described as “immaterial for the period presented.”
Reddit stated that it put some of its extra cash into Bitcoin and also bought Ether and Matic. “as a form of payment for sales of certain virtual goods, which we may continue to do in the future,”
“While we believe cryptocurrencies and blockchain technology have significant potential, the popularity and prevalence of cryptocurrencies is a relatively recent trend,” the filing mentioned. “Whether cryptocurrencies and blockchain technology will continue to be adopted by consumers and businesses in the long term is uncertain.”
Bitcoin Price Overview
Bitcoin’s price movement is like walking up a staircase that keeps going higher. Usually, this means the price will keep going up. Currently, it seems like the market is tilting towards the price going down.
The RSI is showing a signal suggesting it’s a good time to sell Bitcoin. The Awesome Oscillator (AO) displays red bars. They show increased selling pressure. The Moving Average Convergence Divergence (MACD) also suggests a possible price decline.
If the sellers keep pushing, BTC’s price might fall to about $48,677. This is an important level based on past patterns. If it goes even lower, it could hit $42,330 or even drop further to $28,127. This would be a big drop, about 45% from the current price.
Note: If you invest, be ready to lose all your money. This investment is risky, and you may not get protection if things go wrong.
