Bitcoin

The post <a href="https://coinpedia.org/price-analysis/will-btc-price-crash-under-56k-100k-a-pipe-dream/" rel="noopener noreferrer nofollow">Will BTC Price Crash Under $56K, $100K A Pipe Dream?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
With the release of Mt. Gox Bitcoins, the broader crypto market has experienced a massive surge in supply pressure. As market analysts expect the supply to continue in the coming days, the crash could continue in the BTC and the altcoins price alike.&nbsp;
Crashing under the crucial support zone of $60,000, the BTC price trend marks the third consecutive bearish day. The downfall now tests the dynamic support of the 50D EMA and warns of another breakdown.&nbsp;
With the increasing supply, the long-liquidations are on the rise. Will the bearish trend result in a drop below the $56,000 level to test the psychological mark of $50,000?
Let’s examine our detailed price analysis for a clearer view of the BTC price trend. You can also check out our <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin price prediction</a> to determine the chances of Bitcoin hitting the $100,000 milestone this year.
<h2 class="wp-block-heading" id="h-bitcoin-price-performance">Bitcoin Price Performance</h2>
With an ongoing correction, the BTC price is now down by 17% in the last 28 days to crash under the crucial $60,000 mark. The negative cycle within the flag pattern warns of a bearish reversal as the bottom support breaks down.&nbsp;
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="510" src="https://image.coinpedia.org/wp-content/uploads/2024/07/04132912/image-81-1024x510.png" alt="" class="wp-image-322632" srcset="https://image.coinpedia.org/wp-content/uploads/2024/07/04132912/image-81-1024x510.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/07/04132912/image-81-300x149.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/07/04132912/image-81-768x382.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/07/04132912/image-81-1536x765.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/07/04132912/image-81-150x75.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/07/04132912/image-81.png 1814w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<a href="https://www.tradingview.com/x/dyGALC1u/" rel="noopener noreferrer nofollow">Tradingview</a>
The declining price trend influences a downtick in the 50D EMA and warns of a death cross with the 200D EMA. Currently, the BTC price trades at $58,444 with an intraday drop of 2.81%, creating the third bearish candle to test the 200D EMA.&nbsp;
Bitcoin price action completes a triple black crow pattern and warns of a breakdown below the dynamic support. Further, the release of Mt.Gox payments accounts for massive long liquidations worth almost $80 million within 48 hours.&nbsp;
<h2 class="wp-block-heading" id="h-will-btc-price-drop-under-56-000">Will BTC Price Drop Under $56,000?</h2>
With increasing fear and supply in the crypto market, bearish anticipations are on the rise. Standing at the 200D EMA, the breakdown chances are significantly higher than that of a reversal as the trading volume surges 55% in 24 hours.&nbsp;
With the declining trend in motion, the next crucial supports for BTC price are at $56,000 and $52,000.&nbsp;

Will BTC Price Crash Under $56K, $100K A Pipe Dream?

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