Summary
The price of bitcoin has dropped below $51K, near the bottom of the recent consolidation range. Without a bounce, a deeper correction to $47-49K could occur.
Key Points
1. Bitcoin’s price has fallen below $51K and is nearing the bottom of the consolidation range of the last eight days.
2. If there is no bounce from the current price levels, there could be a deeper correction with the potential for Bitcoin to drop as low as $47-49K.
3. Analysts are closely watching the price action and market trends to determine the next potential move for Bitcoin.