Bitcoin kicked off Tuesday with the second consecutive drop of the week. The price of BTC reached $ 45,047 to bounce and trade at the time of publication of this note at $ 46,700.
The largest cryptocurrency by market value reached its lowest level since February 11 in the early hours of the day, after a historic weekend in which it reached a new all-time high at $ 58,332. Different analysts see this correction as a consequence of the recent increase in the yields of the Treasury bonds of the United States.
The concrete thing is that Bitcoin pierced the support levels of $ 47,500 and $ 46,600. If this fall takes hold, BTC could experience the classic behavior of March, a month in which the price of bitcoin traditionally undergoes important corrections.
But the positive of the day is that after touching USD 45K, the price of BTC rebounded and reached a price above USD 47,000. In this way, the short-term objective for the bulls is to break the new barrier of $ 50,000, which could start a strong recovery in the coming days.