Will BTC Price Stumble Below $56k, $100K Pipe Dream?
The Mt. With the release of Gox Bitcoins, the broader crypto market experienced a significant increase in supply pressure. As market analysts expect the supply to continue in the coming days, the crash may continue in the price of BTC and altcoins.
With a break below the critical support zone of $60,000, the BTC price trend shows a third consecutive bearish day. The breakout now tests the dynamic support of the 50D EMA and warns of another breakout.
With increasing supply, long-term liquidity is increasing. Will the bearish trend break below $56,000 to test the $50,000 psychological mark?
Let's examine our detailed price analysis for a clear view of BTC price trends. You can also check out our Bitcoin Price Prediction to determine the chances of Bitcoin hitting the $100,000 mark this year.
Bitcoin price performance
With the ongoing correction, the price of BTC has now fallen by 17% in the last 28 days, hitting the critical $60,000 mark. A negative cycle in a flag pattern warns of a bearish reversal when lower support is broken.
Marketing perspective
The decline in price will affect the low level in the 50D EMA and warn of a death cross with the 200D EMA. Currently, the BTC price is at $58,444 with a 2.81% intraday drop, forming a third bearish candle to test the 200D EMA.
Bitcoin price action completes a triple black raven pattern and warns of a breakout below volatile support. In addition, the release of Mt.Gox payments included the largest long liquidation of nearly $80 million in 48 hours.
Will BTC price drop below $56,000?
Expectations of bearishness are rising as fear and supply increase in the crypto market. On the 200D EMA, the trading volume increased by 55% in 24 hours, so the probability of a breakout is higher than a reversal.
In the downward trend, the next important supports for BTC price are at $56,000 and $52,000.
