Bitcoin fell by some 10% today to a low of $43,800 before somewhat recovering to around $44,500 at the time of writing.
The currency has seen lower volumes than yesterday at $84 billion, with this correction expected after it jumped to $48,000.
Some were wondering whether it would go straight for $50,000, today we have the answer and that seems to be: not without testing support first.
At that brief $43,800, which was tested twice, one should expect very strong support as bitcoin took some time to take $44,000.
It held for now, with the big question of course being where it might go next after this correction.
This looks like a pretty decent chart, the likes of which we have not seen in a very long time.
That green candle especially is beautiful, not least because some predicted it as after holding that $32,000 for long, some did wonder whether we’d see a $10,000 candle, just like we’re used to seeing them $1,000 candles.
Of course the catalyst was Musky, but the stage was all set to give us a very first, a classic green $10,000 candle.
What is even more interesting is that it held, at least for some time. The only time we can recall bitcoin just chilling out after a wow move is when it went from $1,000 to $3,000 in 2017.
Needless to say, this is sufficiently bullish to get out of the disbelief stage and get some optimism with the stage perhaps set for lighter bitcoin movements.
Nothing crazy, perhaps $70,000 by summer, and then maybe the real crunch in supply around the end of the year when this could even 10x from current price.
Not that we have a clue, we’re still kind of in disbelief, but it seems clear this thing is back.