Is Bitcoin oversold?
The dent in investors’ sentiment significantly affected cryptocurrencies, which witnessed a drastic decline in prices over the weekend. Bitcoin, the king of cryptocurrencies, fell drastically below the crucial $50,000 mark before rising again, but failed to regain lost ground and move above the $50,000 price. It is currently trading at around $49,000. The reason behind the selling spree is the same as for technology stocks, which is that investors are decreasing their exposures to risky assets and moving to safe-haven commodities while awaiting price action in financial markets to stabilize. This week, investors should closely monitor crypto markets to see if Bitcoin can surpass $50,000 and regain momentum towards its all-time highs.