bullish

2024

Bitcoin

The post <a href="https://coinpedia.org/price-analysis/bitcoin-dips-below-60k-as-volatility-and-recession-fears-mount/" rel="noopener noreferrer nofollow">Bitcoin Dips Below $60K as Volatility and Recession Fears Mount</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Following a bearish end to the Bitcoin ETFs market last week, the Bitcoin (BTC) price failed to hold onto the $60K mark. Crashing 3.65% on Sunday, the rising volatility and the constant threat of the U.S. market facing a recession leads to increased supply.&nbsp;
As the BTC price fails to surpass the 50D EMA, which acts as a dynamic resistance, let’s take a closer look at the possibility of downfall. Will Bitcoin reclaim $60K this week, or is a downfall to $50K inevitable?
<h2 class="wp-block-heading" id="h-bitcoin-price-performance">Bitcoin Price Performance</h2>
Following the massive surge from the support trendline, the BTC price managed to reclaim the 200D EMA and the $60K mark. The recovery rally in the week of Black Monday resulted in a V-shaped reversal for Bitcoin and improved the overall market sentiment.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfbftNKhH5dVU2WVRVeXQJ8AmodKZM5pWkHcCYQEfY-P_5bCh-Den3Ys9IWgEGuiqsPgmVqDBFiL6JUycOJ1_r8a8es3lbapoMEy1Fe1fbpeN8QFbA4pNWFXN73AFoJ1FbiaKbEsNgrFLXwUAGP0_1os95T?key=fScbVTEnSrfzPvVzR8qzLA" alt="">
</figure>
<a href="https://www.tradingview.com/x/fJWHKQhY/" rel="noopener noreferrer nofollow">Tradingview</a>
However, the bullish momentum failed to sustain immediately after the 12% jump on Thursday. With a pullback from the 50D EMA, the downfall witnessed a surge in supply pressure on Sunday, accounting for a 2,227-point drop.&nbsp;
Breaking below the $60K mark, BTC price trades at $58,515, with an intraday Doji visible during the Asian market hours.&nbsp;
<h2 class="wp-block-heading" id="h-weak-bullish-hands-get-shaken-out-nbsp">Weak Bullish Hands Get Shaken Out&nbsp;</h2>
In the last 24 hours, the surge in supply pressure in the market resulted in a spark in liquidation numbers. With total liquidations standing at $156.48M, the bullish hands are taking a big hit. As the long-positions REKD accounts for $123.74M, the short positions are conservative with $32.74M.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcD_VcBzDMhhN9D99D0KShKdjl5yvfjfTNJkjqe-Ws5S3PQ9sUeKOB3NlcqehQpKylVF5zLA8EoDQPwoYPe4E1YTGC0z91rTlRaEfRyo3kuQgk0LfrESMS4SBuwxc0JSma38LtEQfaE3-qJBiY0sWyf0ITR?key=fScbVTEnSrfzPvVzR8qzLA" alt="">
</figure>
Over the last 24 hours, the Bitcoin liquidations ratio is almost 1:3. This is because $10.61M shorts are liquidated in exchange for $30.68 on the long side. Hence, a weak bullish side is evidently clear in the current market conditions.&nbsp;
However, the derivatives market wears a tiny optimistic lens in the current situation. With a 95% surge in trading volume at $49.79B, the Open Interest is down to $27.58B by 2.74%.&nbsp;
Top Binance traders anticipate a bullish trend continuation in BTC price. This is revealed from the long/short ratio of 1.6151 based on accounts and 1.4281 based on positions.&nbsp;
Technical indicators:
RSI: The daily RSI line bouncing back from the oversold boundary struggles to surpass the halfway line, resulting in another pullback.&nbsp;
EMA: The BTC price pullback from the 50D EMA breaks under the 200D EMA. Thus, the dynamic average lines warn of a looming death cross possibility.&nbsp;
<h2 class="wp-block-heading" id="h-will-btc-price-hit-50k">Will BTC Price Hit $50K?</h2>
As the crypto market conditions remain volatile, with the U.S. presidential elections and the threat of recession, the BTC price will be shaken to the limit. However, the bottom formation at $50K promises solid support with a trendline confluence.&nbsp;
The ongoing correction could lead to a price fall to $50K. However, the cyclical pattern is expected to continue. With a potential rate cut coming before the US elections, the BTC price could surpass the $73K mark. Thus, the chances of a new all-time high for Bitcoin before 2024 ends are increased. &nbsp;

Bitcoin Dips Below $60K as Volatility and Recession Fears Mount

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