Bitcoin Drops Below $50,000

Bitcoin has been falling significantly in recent days. It is currently on the receiving list at $49795.25. This loss worries bitcoin investors.

BTC is losing a lot against the US dollar. It can consolidate current losses, but with losses, things can be riskier. The fact that it fell below $48,000 is a bell ringing for BTC. NewsBTC’s Aayush Jindal’s technical analysis is here for you. According to this technical analysis:

  • BTC has fallen well below support levels of $52,000 and $50,000.
  • The price is currently opening at $52,000 and 100 simple moving, below the four-hour average.
  • Parity can recover losses but face resistance of between $52,000 and $52,500.

Here’s how we can explain these analyses. Last week, BTC saw a steady decline well above $60,000. After this drop, btc/USD parity broke many important support around $55,000 and $52,500 and moved into the fall zone. The price even broke the $50,000 level and fell below the 100-hour average. A new low of $47,511 a week occurred before consolidating losses. But there was a small improvement above the $48,000 and $48,500 levels. It is currently on the receiving list at $49795.25.

It’s currently consolidating near the $50,000 level. If in the next sessions, it successfully closes above the $52,000 and $52,500 resistance levels, it may open the doors for a new increase. There may be a long chance of a downturn for Bitcoin. We may have more information in the upcoming sessions. Btc’s current table can be found here.

 

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