Bitcoin price sinks to $46.7K despite record accumulation and supply shock events

Bitcoin (BTC) saw fresh local lows on Tuesday as limp price action diverged further from bullish sentiment.

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

Bitcoin evades bullish continuation

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reversing at $46,700 on Bitstamp after dropping $2,000 in hours.

Part of a multi-day rangebound construction, the dip resulted in a push toward $48,000, with bulls still unable to gather momentum for an attack on $50,000.

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