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The post <a href="https://coinpedia.org/price-analysis/will-bitcoin-price-hit-a-low-of-55000-before-the-next-bull-run/" rel="noopener noreferrer nofollow">Will Bitcoin Price Hit A Low of $55,000 Before The Next Bull Run?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
With a bearish note this week, the selling pressure in the crypto market increases at a quick pace. Bitcoin price takes a nosedive, falling from the peak of $70,000 to under $62,000. As the bears pick up pace, the pressure over the critical support levels warns of a crash ahead.&nbsp;
Will the 10% drop this week extend into a massive correction wave in the coming days? In our BTC price analysis, let’s try to find out how low the Bitcoin price will fall before the next reversal.
<h2 class="wp-block-heading" id="bitcoin-price-performance">Bitcoin Price Performance</h2>
With a bullish failure to sustain above $70K, the trendline breakout gets delayed and the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin price prediction</a> of $100,000. Starting a negative cycle in the channel part of a flag pattern, the BTC price crumbles this week.&nbsp;
<figure class="wp-block-image">
 <img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXccVMKGWSGRnhd-PuakNfXavkB_dEmw5kU-Jlwb4cKoThkDlpREFuKfLufUb5HSXL1UCpGAsD7vAn-R4P4OgyNhtkgnIoVU_mnVFw7JbuHToA96bjMCb8PNUMTDBf4871FocoCYRyXuPIPPUHMDaLr7F_xf?key=tmmN_eDKjl6VlusKtSsHeg" alt="">
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<a href="https://www.tradingview.com/x/Eh2s7fRk/" rel="noopener noreferrer nofollow">Tradingview</a>
Furthermore, the bear cycle drops the Bitcoin price under the 50% Fibonacci retracement level drawn over the sideways trend. Putting a threat over the $60,000 support level, the bearish engulfing of a 6% overnight fall breaks the support trendline of the previous recovery.&nbsp;
The MACD and signal lines give a bearish crossover, with the daily RSI line falling under the 50% line and approaching the oversold boundary. Hence, with a sharp increase in supply pressure, the momentum indicators signal a bearish road ahead.&nbsp;
Currently, the BTC price trades at $61,700 with an intraday move of 0.46%, forming a dragonfly doji candle. Hence, the chances of a bearish halt over the weekends are optimistic for Bitcoin price.&nbsp;
<h2 class="wp-block-heading" id="h-where-is-the-btc-price-headed">Where is the BTC Price Headed?</h2>
As per the Fibonacci levels and the declining support trendline, the downfall in the BTC price will be intense next week. The following technical supports are at $55,582, and the support trendline is underneath it.&nbsp;
However, the $60,000 is a crucial psychological support capable of absorbing major supply inflows. Hence, a potential recovery is possible next week if Bitcoin sustains dominance over $60,000 to start an underlying sentimental shift.&nbsp;
A bullish cycle in the Bitcoin price will likely test the $70,000 mark and the overhead resistance trendline.

Will Bitcoin Price Hit A Low of $55,000 Before The Next Bull Run?

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