{"id":4178,"date":"2024-09-06T14:27:22","date_gmt":"2024-09-06T14:27:22","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=4178"},"modified":"2024-09-06T14:27:22","modified_gmt":"2024-09-06T14:27:22","slug":"bitcoin-price-analysis-is-50k-imminent-after-another-3-daily-crash-for-btc","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=4178","title":{"rendered":"Bitcoin Price Analysis: Is $50K Imminent After Another 3% Daily Crash for BTC?"},"content":{"rendered":"

Bitcoin has been experiencing a bearish retracement following a significant rejection from the 100-day and 200-day moving averages. This highlights the prevailing dominance of sellers, who seem to be intending to drive the price lower.<\/p>\n

Technical Analysis<\/h2>\n

By Shayan<\/a><\/p>\n

The Daily Chart<\/h3>\n

A closer look at Bitcoin\u2019s daily chart shows that after a surge toward the 100-day and 200-day moving averages around the $64K mark, the price faced intensified selling pressure and was notably rejected.<\/p>\n

This resulted in a pullback to these broken moving averages, signaling the beginning of a bearish decline. The price action indicates that sellers are firmly in control, with the 100-day MA crossing below the 200-day MA to form a \u201cdeath cross,\u201d further reinforcing the bearish outlook.<\/p>\n

Currently, Bitcoin has entered a key support zone defined by the 0.5 to 0.618 Fibonacci retracement levels. This zone could provide temporary relief from the downtrend, potentially leading to a period of sideways consolidation.<\/p>\n

<\/a>Source: TradingView<\/p>\n

The 4-Hour Chart<\/h3>\n

On the 4-hour chart, Bitcoin\u2019s price has seen a clear bearish rejection at the $64K resistance level, leading to a steady decline.<\/p>\n

The failure to establish new higher highs has turned the market trend decisively bearish, with lower highs and lower lows signaling intense selling activity. Bitcoin now sits at a critical support zone defined by the 0.5 and 0.618 Fibonacci retracement levels.<\/p>\n

If sellers push the price below this range, the next target is the key $50K support level, where significant buying pressure may reemerge. Conversely, if Bitcoin finds support at this level, a bullish rebound toward the psychological $60K resistance could materialize.<\/p>\n

<\/a>Source: TradingView<\/p>\n

On-chain Analysis<\/h2>\n

By Shayan<\/a><\/p>\n

Examining futures market metrics can provide valuable insight into sentiment when assessing Bitcoin\u2019s price movements. One key indicator is the Taker Buy\/Sell Ratio, which measures whether buyers or sellers are more aggressive in executing their orders.<\/p>\n

The chart shows a significant decline in the ratio after Bitcoin\u2019s rejection from the $64K level. This drop indicates a surge in market sell orders, reflecting a broader sentiment of distribution among traders.<\/p>\n

This behavior underscores growing bearish expectations as traders are positioning for a possible breakdown and further price declines, potentially toward the $50K support level. The increase in sell-side aggression indicates a short-term continuation of the bearish trend.<\/p>\n

<\/a>Source: CryptoQuant<\/p>\n

The post Bitcoin Price Analysis: Is $50K Imminent After Another 3% Daily Crash for BTC?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin has been experiencing a bearish retracement following a significant rejection from the 100-day and 200-day moving averages. This highlights the prevailing dominance of sellers, who seem to be intending to drive the price lower. Technical Analysis By Shayan The Daily Chart A closer look at Bitcoin\u2019s daily chart shows that after a surge toward […]<\/p>\n","protected":false},"author":0,"featured_media":4179,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4178"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4178"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4178\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/4179"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}