The past few weeks have been hard on crypto bulls, as Bitcoin and the broader crypto market continued to sell off. Since reaching an all-time-high of $61,500, Bitcoin plunged 16% in a matter of a few weeks, shedding $100 billion in market capitalization. The major cryptocurrency saw signs of life as Elon Musk's tweet sent prices back up to $56,000.
This would prove to not be enough, as Bitcoin continued to plummet, revisiting the $51,000 territory. Following a multi-day loss streak, bearish sentiment began to set in; investors and speculators began to brace for impact, fearing that the correction was far from over.
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