Bitcoin price action collapses and a new all-time high disappears from the scene

As if it were a horror movie in its most intense chapters and scary scenes, so is the cryptocurrency market specifically for the fall to $ 38,000 in the last hours experienced by the main cryptocurrency Bitcoin by market capitalization.

And the fact is that the collapse that occurred in the last few hours in the Bitcoin price action casts doubt on the continuation of the bullish projection in search of a new all-time high, an action that in the current context of constant depreciation makes this objective disappear from the scenario.

As reviewed in portals such as Cointelegraph, "Bitcoin saw its first drop below $38,000 in more than two weeks as macro triggers rattled low-volume weekend markets."

It is worth mentioning that Bitcoin has been gradually improving to become a reliable safe haven asset against rising inflation, as a result, its correlation with risk assets, so, its recovery relative to traditional financial stocks in the coming weeks may tend to slow in price action.

In its most recent rally to $45,000, traders projected that Bitcoin could consolidate around the $50,000 resistance, but then the price began to wobble, calling into question the bullish projection that projects it at $100,000 by the middle of this year (first half of 2022).

original investigation of @amikcar