Bitcoin's (BTC) severe 26% drop from its $58,300 all-time high on Feb. 20 injected a bit of bearishness into the market, but from a technical perspective, this was purely psychological, as the digital asset held the $43,000 support with ease. This downside move caused indicators like the , its lowest level in five months.
Even though a $15,400 downside move might seem unusual, 25% and even larger corrections happened on six separate occasions during the 2017 bull run. Moreover, when BTC first made an all-time high at $42,000 on Jan. 8, a 31.5% negative swing to $28,750 happened in the following two weeks.
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