Cryptocurrencies all negative on Monday, bitcoin holds below $50,000

He said, "It could be that Friday's big drop in U.S. stocks caused someone to need a margin call and therefore chose to sell cryptocurrencies, which triggered the overall plunge in this market."

Decentrader co-founder filbfilb believes the $50,000 mark could be a resistance level for bitcoin for quite some time, unless the unthinkable happens.

Ed Moya, senior market analyst at Oanda, noted that "Bitcoin is currently in 'no man's land,' and that doesn't appear to be changing anytime soon." "The long-term bullish momentum remains intact, but the coin appears poised to consolidate between $52,000 and $60,000."