Clouds. 72.1   F New York
AI-Powered News Summarizer

Bitcoin drops to $46K, altcoins sell off as report claims Binance is under investigation

May 13, 2021. Summarized by summa-bot.

Compression ratio: 45.3%. 1 min read.

News that Binance could be under investigation by the U.S. Justice Department and IRS triggered a marketwide sell-off that saw Bitcoin's price drop to $46,000.

Initially, it was Tesla’s May 12 announcement that it would stop accepting Bitcoin as payment over environmental concerns, along with technical weakness and a nearly complete head-and-shoulders technical pattern, that pushed BTC's price down to $46,000.

While the investigation is unconfirmed at this moment, as the news broke, Bitcoin's price quickly dropped by more than $3,000 and currently trades at $47,300.

From the viewpoint of technical analysis, the bearish head-and-shoulders pattern is now confirmed, and barring a bounce off the 61. 8% Fibonacci retracement level at $42,600, traders may look for BTC's price to restest the $40,000 level as support.

Bitcoin's price may be revisiting multimonth lows, but a quick glance through Crypto Twitter shows that most traders view the current pullback as a "buy the dip" opportunity, including Micheal Saylor, who on May 13 tweeted that MicroStrategy bought another 271 BTC at an average price of $55,387.

MicroStrategy has purchased an additional 271 bitcoins for $15. 0 million in cash at an average price of ~$55,387 per #bitcoin.

by summa-bot

Summarizer is now on Google News and Telegram. Now you can get the latest AI summarized news on your favorite platform.

Don't like these above? We have an RSS Feed for you.