Ethereum

bullish

Drops

Billion

The post <a href="https://coinpedia.org/price-analysis/as-btc-price-drops-to-50k-wiping-out-a-billion-dollars-will-it-drop-to-45k/" rel="noopener noreferrer nofollow">As BTC Price Drops To $50K, Wiping Out A Billion Dollars, Will It Drop To $45K?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
With the decline of global markets, the world faces a bearish start in the financial markets. Amid the crashing indexes, the crypto market takes a massive blow as BTC price hits $50,000 support and Ethereum is down to $2,250.
The long liquidations data skyrocket as the selling pressure shakes out leveraged bullish positions. Further, the growing FUD warns of a bearish extension this week. Will this bear run result in a massive crash to $45K in Bitcoin this week, or is a recovery possible?
<h2 class="wp-block-heading" id="h-bitcoin-price-performance">Bitcoin Price Performance</h2>
With the bears in the driving seat, the BTC price suffers a massive loss in market valuation and is down by almost 15% today. Currently, Bitcoin is trading at $50,103 and breaks under a crucial support trendline with a bearish engulfing candle.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfN3w5LHZx9zWcFDZbwArx0h4Ki-afbij0mYU5NS0D-lJiLv3T9seEbGgNlVhZdaKkgXi_ZG2W69657HlJbfLyvrr_z0f1APZvxvORS6MQthT-BJOBO86Ktww6-SKIx-TbWoiX8IoN8HdJ29fekoNIgBUSU?key=fScbVTEnSrfzPvVzR8qzLA" alt="">
</figure>
<a href="https://www.tradingview.com/x/WKuC3aJw/" rel="noopener noreferrer nofollow">Tradingview</a>
The bearish candle in the BTC price undermines the sideways range of months and signals a selling opportunity. Further, it undermines the bullish flag pattern with a bearish outcome today.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcMItWT-ldf7scc33eVCjzJ6L5zIpcgYlmOIB-jk6lLnjz_IDWW0inj11emzYLhtSOe019x8_xcC8-b7jpSblfV5auTWU8h2M5Z64abcJ9BVy5QNLLPEMnxSp_vYQX35XeKKILjIhFfzLUGEoCq2GF_H4Y?key=fScbVTEnSrfzPvVzR8qzLA" alt="">
</figure>
Per <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">Coinglass</a>, the crypto market has lost $607M worth of bullish positions today. In the last 24 hours, the total liquidation has hit the billion-dollar market which includes 90% of bullish positions getting REKT.&nbsp;
Technical indicators:
RSI: The daily RSI line takes a quick reverse from the overbought boundary to drop under the oversold boundary line. Thus, the momentum indicator reflects the massive downtrend in the BTC price.
EMA: The breakdown of the 200D EMA results in a bearish turnaround in the 50D and 100D EMAs. With a crossover in the 100D and 50D EMA, the first bearish signal is on the charts.&nbsp;
<h2 class="wp-block-heading" id="h-will-btc-price-hit-45k-and-is-100k-a-pipe-dream">Will BTC Price Hit $45K And Is $100K A Pipe Dream?</h2>
With the bears overpowering the bullish control, Bitcoin fails to hold the bullish flag pattern in the daily chart. Further, the growing pressure over the $50K support warns of an extended downfall in BTC price this week.&nbsp;
With the next support levels at $47K and $43K, the downfall in Bitcoin is likely to gain momentum. Supporting the downfall, a global market crash will amplify the bear run.&nbsp;
Coming to the $100K dream, the broader market sentiment is filled with fear with no immediate signs of recovery. However, a potential rate in September, if the recession is avoided, could be the long-awaited bullish herald.&nbsp;

As BTC Price Drops To $50K, Wiping Out A Billion Dollars, Will It Drop To $45K?

Table of Contents

CoinPedia News

Other articles published on Aug 5, 2024

Shiba Inu Lead Developer Shytoshi Kusama Nods To Crypto Analysts' Sentiment On Selling Amid Marke...

ETH, Mpeppe (MPEPE) & Bitcoin (BTC): Market Experts Dive Into Bitcoin (BTC) Price Dump & New Cryp...

BTC, ETH and XRP Prediction for August 5

US recession fears hit crypto and equity but Japan rate hike the real culprit

Michael Saylor Issues Bitcoin Statement Amid $1 Billion Market Crash

Whales prepare for next altcoin rally, DeFi is ‘waking up’ — Finance Redefined

Join our free newsletter for daily crypto updates!