Greed

Bitcoin

<ul> 
 <li><strong>Bitcoin plummeted by 5.90% in the last 24 hours, slipping down to $59K.</strong></li> 
 <li><strong>The BTC market sentiment is in the fear zone.</strong></li> 
</ul> 
<p>Bitcoin (BTC) took a brief plunge yesterday, managed to hover at the $62,000 mark, and wiped off all the gains within the last 24 hours. BTC crashed by over 5.90%, marking one of the largest declines since August.</p> 
<p>The bears continued to restrain the bulls from recovering, slipping to a low of $58,116. The highest price in the last 24 hours at which BTC traded was at $63,209. The current downside momentum of the asset appears due to the <a href="https://thenewscrypto.com/bitcoin-millionaires-double-in-one-year-as-crypto-adoption-expands/" target="_blank" rel="noreferrer noopener">recent selloff</a>, including macroeconomic concerns and other market trends. Crypto analysts warn of a possible liquidation torrent, predicting <a href="https://thenewscrypto.com/bitcoin-millionaires-double-in-one-year-as-crypto-adoption-expands/" target="_blank" rel="noreferrer noopener">BTC</a> at $50K if it fails to break the downside pressure.&nbsp;</p> 
<p>Despite the dip, the daily trading volume of BTC has soared to 46.88% to $41.68 billion. At press time, BTC traded at $59,410 as per CMC <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener nofollow">data</a>. Moreover, BTC evokes fear in the market as the Fear and Greed Index stays at 30. Coinglass reportedly <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener nofollow">revealed</a> that Bitcoin has witnessed a 24-hour liquidation of $96.57 million.&nbsp;</p> 
<h3 class="wp-block-heading" id="h-btc-bulls-struggles-in-the-bear-hold-nbsp">BTC Bulls Struggles in the Bear Hold&nbsp;</h3> 
<p>The monthly price chart of BTC reveals a clear downside trend by observing a decline of over 12%. The asset started trading at $69.5K and dived to $49.8K.&nbsp;</p> 
<p>Whereas, in the last seven days, Bitcoin spiked briefly by 0.50%, breaking the downside pressure, and BTC was priced in green. It surged to the range of $64K from a low of $59K.&nbsp;</p> 
<p>Notably, if BTC could step into the upside momentum, the asset’s price might test its key resistance at the $60,570 range. However, in the event of a bearish turn, BTC will struggle to break the resistance and will find nearby support at $58,299.&nbsp;</p> 
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<p>Meanwhile, Bitcoin’s short-term 9-day and long-term 21-day MA are found at $61,616 and $60,476, respectively, above the current price. The daily relative strength index (RSI) stands at 45.03, indicating BTC’s price momentum is approaching the neutral market sentiment.&nbsp;</p>

Can Bitcoin (BTC) Break Free from the Bears Grip?

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TheNewsCrypto

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