Will BTC Break Below $50K Mark?

Bitcoin price remains above the $51,500 support, but the gloomy outlook keeps getting worse. If the price falls below this support level, it may drop by around 5% in the coming sessions. However, the price still has important dynamic support levels.

BTC is finding it hard to stay over the $51K level as the bears push the price lower. However, after this small correction, the bull trend will resume as the buyers are stronger than the sellers.

At the time of writing, the BTC is trading at the level of $51627.86 with an intraday surge of 1.12%. However, the trading volume is down by almost 15.50%, showcasing weakness.

Additionally, the 24-hour trading volume is 15.95 Billion with a current market cap of $1.08 Trillion. 

This week, the performance of the coin was weak as it gave a negative return of 0.50%. However, for the rest of the year, the BTC gave a phenomenal performance. Last month it gave an outstanding return of 29.33% and in the last 3 months, it grew by almost 37.83%. Looking at 6 months’ return, it is up by 97.84% and year-to-date, it grew by almost 22.20%.

Technical Analysis of Bitcoin on Daily Timeframe

Bitcoin price is showing a bearish trend on the daily chart, making a series of downward moves in recent sessions.

With a brief correction on the daily chart, the Relative strength index (RSI) indicates Bitcoin price could fall more as the curve starts to drop. The histogram bars of the Moving average convergence divergence (MACD) have also changed to red and are moving toward the middle.

Increased seller force could make Bitcoin price test the $50,000 level. A longer drop could take BTC to the $48,000 mark but it has multiple dynamic supports in the lower levels.

On the other hand, increased buyer pressure could take Bitcoin price above the range by breaking the $52,985 barrier. This would open the way for BTC’s market value to reach $55,000.

Summary

Bitcoin price forecast based on technical analysis suggests that Bitcoin is trading above the key moving averages and in an upward channel, but faces bearish pressure from the sellers. Bitcoin could break below the $50,000 level or rise above the $53,000 level depending on the market sentiment. 

Technical Levels

Support Levels: $51000

Resistance Levels: $52000

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.