The post Bitcoin Falls Amid Global Crash; Can Bulls Hold $52k Level? appeared on BitcoinEthereumNews.com.

The dominant asset in the cryptocurrency market, Bitcoin (BTC), has experienced an unexpected and sharp decline, hitting levels not seen in months. At the moment, BTC exchanged hands at $50,899, marking a 16.40% dip over the last 24 hours. BTC/USD 1-Day Chart ( Source- CoinMarketCap ) Earlier today, it plunged to $49,111, marking its first fall below the $50K threshold since February. This steep decline starkly contrasts with the cryptocurrency’s impressive performance just a week ago when it soared to a $69,987 high on July 20. Since that peak, Bitcoin has lost over 28% of its value. Crypto Market Cap Drops 18%, Traders Face Liquidations Following these massive sell-offs, the global crypto market exhibited a significant decline, with the overall market capitalization dipping by over 18.06% to $1.77 trillion in the last 24 hours. As a result, many altcoins experienced double-digit losses. Moreover, as observed on CoinGlass, over 309,000 traders were liquidated, with the total liquidations reaching $1.24 billion within the same timeframe. The most significant single liquidation order was executed on Huobi, with a BTC-USD value of $27.00 million. Meanwhile, BTC and the overall market trading volume paint a different picture, as they experienced surges of 218.41% and 233.44%, respectively. This suggests that there is still active trading and investor interest in the market, even amidst the recent sell-offs and volatility. Bitcoin Breaks Descending Wedge Pattern Since peaking in mid-March, Bitcoin has been hovering within a descending broadening wedge pattern, marked by a sequence of lower highs and lower lows. This pattern typically signals a consolidation phase before an anticipated upward breakout. However, earlier today, the price slipped below the wedge’s lower trendline, which could lead to further falls in the week ahead unless the bulls regain momentum and push the price back above the trendline. Adding to the…

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Filed under: News - @ August 5, 2024 9:10 pm