As BTC Price Drops To $50K, Wiping Out A Billion Dollars, Will It Drop To $45K?
The post As BTC Price Drops To $50K, Wiping Out A Billion Dollars, Will It Drop To $45K? appeared first on Coinpedia Fintech News
With the decline of global markets, the world faces a bearish start in the financial markets. Amid the crashing indexes, the crypto market takes a massive blow as BTC price hits $50,000 support and Ethereum is down to $2,250.
The long liquidations data skyrocket as the selling pressure shakes out leveraged bullish positions. Further, the growing FUD warns of a bearish extension this week. Will this bear run result in a massive crash to $45K in Bitcoin this week, or is a recovery possible?
Bitcoin Price Performance
With the bears in the driving seat, the BTC price suffers a massive loss in market valuation and is down by almost 15% today. Currently, Bitcoin is trading at $50,103 and breaks under a crucial support trendline with a bearish engulfing candle.
The bearish candle in the BTC price undermines the sideways range of months and signals a selling opportunity. Further, it undermines the bullish flag pattern with a bearish outcome today.
Per Coinglass, the crypto market has lost $607M worth of bullish positions today. In the last 24 hours, the total liquidation has hit the billion-dollar market which includes 90% of bullish positions getting REKT.
Technical indicators:
RSI: The daily RSI line takes a quick reverse from the overbought boundary to drop under the oversold boundary line. Thus, the momentum indicator reflects the massive downtrend in the BTC price.
EMA: The breakdown of the 200D EMA results in a bearish turnaround in the 50D and 100D EMAs. With a crossover in the 100D and 50D EMA, the first bearish signal is on the charts.
Will BTC Price Hit $45K And Is $100K A Pipe Dream?
With the bears overpowering the bullish control, Bitcoin fails to hold the bullish flag pattern in the daily chart. Further, the growing pressure over the $50K support warns of an extended downfall in BTC price this week.
With the next support levels at $47K and $43K, the downfall in Bitcoin is likely to gain momentum. Supporting the downfall, a global market crash will amplify the bear run.
Coming to the $100K dream, the broader market sentiment is filled with fear with no immediate signs of recovery. However, a potential rate in September, if the recession is avoided, could be the long-awaited bullish herald.
