Bitcoin edges below $50,000, a mark some analysts project as a key point for evaluating the largest cryptocurrency’s outlook going into 2022.
The token dropped nearly 4.5% on Tuesday in Asia and was trading at around $49,100 as of 1:10 p.m in Singapore. The second-largest coin Ether and the Bloomberg Galaxy Crypto Index were also on the losing end.
Investors have retreated from the most speculative assets of global markets of late, concerned that the waning tide of central bank stimulus could cause trouble.
Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno in Singapore stated that there is nothing to worry about Bitcoin.
Ayyar further stated that the virtual coin’s position will remain bullish when the $48,000 to $49,000 level holds.
Technical studies reveal a tipping point for Bitcoin after bouncing back from a record-high of nearly $69,000 in November that trimmed its year-to-date surge to 70%.