The cryptocurrency market stages a correction, as Bitcoin pulls back to below $48K

The last couple of weeks have been incredibly benefitting for the cryptocurrency community, as most of the coins have went on to make double figure gains.

Bitcoin rose from the tight range of $30K-$40K, and breached the $50,000 mark for the first time in nearly hundred days. This bullish trend was followed by several other altcoins as well. Cardano, Ripple, Avalanche, and Ethereum achieved a commendable price tag against their names.

The bullish pattern gained a lot of momentum in these two to three weeks. However, many experts believed that a correction phase was on its way which would result in the consolidation of major crypto tokens before going bullish again. The recent market updates indicate that the correction has started, as many coins are showing red candlesticks against their names.

Bitcoin will now find support at $45,000

As Bitcoin traders continue too amass profits in tight ranges, the coin shows overbought signals in the trading activity. Bitcoin is currently valued at around $48,900. It has been going down over the last day or so. The chart of BTC indicates that it will now find a support level in the range of $42,000-$45,000. The crypto token could stage a pullback from the support level that could stabilize the upsurge of the coin.

Bitcoin pulled off a 30% rally over the past month. However, the rally looks to be exhausted, as it is tracing back to some degree. Still, the market does not seem to be shaping up for a major crash. Hence, a bounce back is imminent after some time.

Market updates of other coins

On the other hand, Ethereum is also down by over 3.50% over the last day. It is currently hovering around the $3,200 mark.

ADA, that has been the most achieving crypto token in the bullish trend has gone down by a mere 2.50%. It is currently traded around $2.75. However, ADA is pulling back from its all-time high, and it is all set to launch a bull flag again one the Alonzo Hard Fork upgrade hits the market.

XRP is also down by almost 6%, Matic by 5.80%, DOT by 7.30%, and DOGE by 6.60%. This shows that the entire market has turned red for now. However, the coins will surely bounce back when the correction phase is completed for the market.