Bitcoin (BTC) roughshod below $fifty,000 on Feb. 22 as a correction gathered pace at Wall Street's opening to evangelize 20% daily losses prior to a potent response from the bulls.

BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview

Bitcoin loses $6,000 in minutes

Data from Cointelegraph Markets and TradingView shows BTC/USD falling heavily during Monday trading, striking lows of $47,400.

Later reversing at all-time highs of $58,312 on Sunday, Bitcoin fell almost $7,000 in nether an hr, sparking intense volatility, which connected at the time of writing.

"Almost a $7,000 hourly candle. That has to be past far the largest hourly motion in history," analyst Scott Melker reacted.

Earlier, Cointelegraph Markets analyst Michaël van de Poppe highlighted the area betwixt $50,500 and $52,000 every bit being crucial to concur in society to preserve the chances of the bull run continuing in the short term.

In fresh analysis on Monday, he noted that historically, this time of year is not when crypto markets put in their strongest performance.

At the time of publishing, Bitcoin had recovered to trade back above $53,000.

Buyers line up to steal sub-$50,000 Bitcoin

According to reports on Twitter, the activeness accompanied fresh criticism of Bitcoin from U.S. Treasury Secretarial assistant Janet Yellen, who reportedly referred to it every bit "inefficient" while repeating claims that information technology is used in criminal action.

In a curious coincidence, Sunayna Tutejahe, a Bitcoin proponent and well-known fiscal innovator, became the new chief innovation officer at the Federal Reserve.

"OUCH! #Bitcoin plunges >10% on worries prices are excessive. Elon Musk tweeted on Saturday that prices 'seem high,'" markets commentator Holger Zschaepitz tweeted, quoting a headline from Bloomberg that focused on off-the-cuff remarks from Musk last week.

"The selloff across the board this week is a consequence of some of last week's exuberance easing, also as a much needed unwinding of over-leveraged long positions," Ross Middleton, co-founder of exchange DeversiFi, added to Reuters.

For those familiar with Bitcoin and crypto markets in full general, meanwhile, fifty-fifty the precipitous drop was simply business organisation as usual.

"Afterwards a while, you become allowed to these price drops. Only makes yous stack even harder," popular Twitter account Armin van Bitcoin responded.

Coinbase premium vs. BTC/USD chart. Source: CryptoQuant

Correspondent Joseph Young further pointed to the and then-called Coinbase premium returning to positive most immediately once the $47,400 bottom reversed, reaching an heart-watering $500 — a bullish sign. Melker, in turn, emphasized the amount of buying volume that the dip had unleashed.

Every bit Cointelegraph reported, various factors were converging to indicate that a correction was imminent even before information technology gathered stride, amid them being suspected plans among whales to sell some BTC.