Is BTC in Danger of Another Drop to $50K
The post Is BTC in Danger of Another Drop to $50K appeared on BitcoinEthereumNews.com.
Following a significant downtrend, Bitcoin found strong support near the $50K threshold and experienced a notable rebound. However, the price has now approached a substantial resistance region around the 200-day moving average at $61K, potentially completing a pullback. Technical Analysis By Shayan The Daily Chart A detailed examination of Bitcoin’s daily chart reveals a significant increase in buying pressure and demand near the critical $50K support region, resulting in a substantial bullish rebound. Subsequently, BTC surged back toward a key resistance region, encompassing the 200-day moving average at $61K and the psychological resistance at $60K. This key area is likely filled with supply, which may result in substantial selling pressure and halt further upward momentum. If the price faces rejection here, it could complete the pullback, leading to another impulsive bearish leg toward the crucial $50K threshold. However, there is also a possibility of a sudden break above this critical juncture, potentially causing a short-squeeze event and leading to an impulsive surge. Bitcoin’s price action near the critical $60K region will be crucial in determining its next major move. Source: TradingView The 4-Hour Chart On the 4-hour chart, Bitcoin’s price action shows that the sell-side liquidity pool below $50K was absorbed, and selling pressure was met with substantial demand and buying interest. This led to a significant bullish rebound, initiating an impulsive surge. A bullish divergence between the price and the RSI indicator also signaled the ongoing increase in buying pressure, acting as a catalyst for the uptrend. However, the price has now reached a notable resistance region, marked by the 0.5 ($59K) and 0.618 ($62K) Fibonacci levels. This area has the potential to halt the upward momentum and push the price back toward the $50K level. If Bitcoin faces rejection near this resistance, the recent upswing could be considered…
Filed under: News - @ August 11, 2024 5:08 pm