The dip that shook the market and what lies ahead, as Bitcoin crosses $50,000 - Aliens: AI Crypto News & Markets Updates
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The dip that shook the market and what lies ahead, as Bitcoin crosses $50,000

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AMB Crypto

Tue, Dec 07, 2021

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Aliens TLDR

Bitcoin dropped by almost 20% over the weekend, falling down to a three-month low of $46.5k amid a market-wide flash crash.

At the time of writing, Bitcoin finally seemed to recover, making its way back to $50.1K, noting over 6% daily gains.

For most of November, Bitcoin made lower lows as its price fell by almost 27% from the all-time high of $69,000.

Bitcoin’s November trajectory highlighted how after each dip, a small price uptick or rather consolidation, was noted which was then followed by a bigger dip.

Bitcoin’s price dipped by almost 13% starting 16 November, then close to 9% since 22 November.

This price trajectory makes the recent 6% gains, at the time of writing, questionable as to whether this recovery would indeed be a breakout or yet another fake-out.

While its 7-day MVRV quickly picked up as price recovered, Bitcoin’s 365-day MVRV was still away from the ‘bounce-back zone,’ allowing for further correction from a macro perspective.

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