Bitcoin (BTC) kept traders on their toes on Tuesday as a sudden price dip sparked a retest of $50,000.
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.
“Still confident we see 54.7K~ hit as long as 50K can hold as support (fairly obvious 12HR level to work with here).”
As Cointelegraph reported, funding rates this week signaled bullish bias,…