On November 10, 2021, in Los Angeles, California, the screen of a Bitcoin ATM displays the logo of the digital currency.
After a wild day of trading on Saturday, the prices of the digital currency were stable on Sunday.
Around 9:15 a.m., the coin traded at $48,953. According to data from coin metrics, Sunday on Wall Street. After trading around $57,000 on Friday, the price of bitcoin dropped to a low of $43,000 on Saturday.
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The broader market had a risk-off tone on Friday. The major averages finished Friday in the red and lost ground for the week.
The yield on the 10-year U.S. Treasury moved lower as investors switched to safer areas of the market.
Technology stocks were hit hard on Friday, with the S&P 500 falling more than the Dow. The selling of cryptocurrencies extended to the entire universe.
Matt Maley, equity strategist at Miller Tabak, said that it looks like someone got hit with a margin call and was forced to sell. The decline was probably caused by the fact that the market tends to be more thin on the weekends. The buyer came back in after the dust had settled.
The selling has been going on over the last 48 hours. The coin entered bear market territory on Nov. 26 after dropping to a seven-week low.
It is notable that the price of bitcoin is below the trend line from the July lows, given that it was under the $50,000 level on Sunday.
He said that if it regains that level or not next week, it should be important to Bitcoin.
The all-time high of $69,000 was hit in early November.
Ed Moya, senior market analyst at Oanda, said thatBitcoin is in no man's land right now. The long-term bullish case is intact but prices seem poised to consolidate between $52,000 and $60,000.
On Sunday, ether advanced about 1.5% to $4,176. After plunging more than 16% between Friday and Saturday morning, thecryptocurrencies hit a low of $3,500 on Saturday. The world's second-largest coin by market value is ether.
CNBC's Tanaya Macheel contributed reporting.
