Bitcoin Revisits $42k As More Than $200 Million Got REKT In The Past Hour

Bitcoin has dipped below $43k for the first time in the past thirty days. The price drop happened a few minutes to the time of writing as the top coin flipped the $43,000 support and retraced as low $42,413 from $45k in four hours.

The largest cryptocurrency by market cap started the previous intraday session at $45,828 and was promising as it surged to $46,855. Many were optimistic and took the slight improvement in price as a sign of an uptrend.

What Changed?

A report as it that the world’s largest cryptocurrency by market capitalization bitcoin (BTC) may have to undergo a major test after Kazakhstan is reported to be experiencing a nationwide internet blackout following civil unrest.

Recall that Kazakhstan has become the second-biggest bitcoin hash rate country behind the United States, after China announced a widespread clampdown on cryptocurrency-related activities, including crypto mining, in June 2021.

More than $200 million was REKT in the past hour as little closer to $700 million was liquidated in the past 4 hours. The past four hours have no doubt been a major test for the bulls.

The correction is no surprise to Coinfomania as several analysis hinted at a very rocky start to 2022. What more to the dip? It is important to note that market sentiments as well as some indicators were affected.

One such indicator is the Relative Strength Index (RSI). Before this event, Bitcoin had a lot of close calls with respect to becoming oversold. The apex coin gave out in the struggle as it dropped below 30.

The Crypto Fear and Greed Index is at 15 as of the time of writing – suggesting extreme fear. Regardless of the current situation, the buyers are still optimistic. Here is why.

A Light at the end of the Tunnel

Based on RSI rules, an oversold asset is due for a rebound and begins an uptrend. Many believe this will be the biggest dip based on recent statements. Nonetheless, we bear in mind the incoming death cross.

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  • bitcoinBitcoin (BTC) $ 19,469.29 0.04%
  • ethereumEthereum (ETH) $ 1,333.57 0.41%
  • bnbBNB (BNB) $ 284.08 0.49%
  • xrpXRP (XRP) $ 0.478326 7.73%
  • solanaSolana (SOL) $ 34.19 2.07%
  • terra-luna-2Terra (LUNA) $ 2.47 0.38%