The post Bitcoin (BTC) Crash Update: Where Will Buyers Step In? appeared on BitcoinEthereumNews.com.

A gargantuan weekly candle to the downside is currently in formation. Already 18% down for the week, this equates to a loss of $18,000. The $BTC price looks as though it may be losing the 200-day moving average. Where will the buyers start coming back into the market? Crypto price sentiment continues to tank For those who have been in the crypto market for a few years, the present tumble in price is par for the course. Even bull markets can experience crashes of 40% to 50%. However, investors new to the market must be thinking that the sky is falling in, and many will be selling, if they have not already done so. Despite Bitcoin having the crypto-friendliest US administration in history, as far as price goes, it is all doom and gloom. Market sentiment continues to tank. At what price point can this torrent of selling finally be staunched? $BTC price breaks below the 200-day moving average Source: TradingView With such a devastating price plunge currently still playing out, it is useless to look at any of the shorter term price charts. Starting off on the daily, it can be seen that the price has broken down through the 200-day SMA, which would normally be a line that the vast majority of the bull market price would stay above. The Fibonacci levels, drawn from the very bottom wick out of the 8-month long bull flag, up to the all-time high, have been acting as a reliable magnet for the price so far.  Currently at the 5.0 Fibonacci, the price is pausing while the previous big moves down are absorbed by the market. It does look rather like the drop might continue, given that there is a confluence below with the 0.618 Fibonacci, and the extremely strong support level…

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Filed under: News - @ March 2, 2025 1:21 am