After hitting highs of above $64k recently, Bitcoin (BTC) has been on a downtrend, even touching lows of $51k on April 18. BTC has however soared to $55,135 at the time of writing, according to CoinMarketCap.
Market analyst Michael van de Poppe believes that it is critical for Bitcoin to hold the $50-52k level, which will avert any more downward momentum. He explained:
“Bitcoin’s price indeed rejected the critical level, through which support needs to be found. Maybe a little more, but should be critical to hold $50-52K.”
The decline in the hash rate of Chinese mining pools, the Turkish government’s ban on cryptocurrency transactions, and rumours of US’ FinCEN’s plans to stamp out crypto-related money laundering activities triggered massive Bitcoin sell-offs. This prompted a $9.32 billion liquidation.
The hashrate of various Bitcoin (BTC) mining pools dropped due to the blackout impacting Northwest China. Safety inspections were, therefore, necessitated by security…