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ThecoinrepublicCryptocurrencyBTC Price Sliped Below 200-day EMA; Liquidity...
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BTC Price Sliped Below 200-day EMA; Liquidity Grab Before Rebound

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The chart shows that the BTC price has witnessed an outstanding upmove since 2023. It has surged by 230% till now with a single directional move. On a broader time frame, the Bitcoin price was bullish, but sellers were strong in the short term at the time of writing.

The Bitcoin crypto price recorded an all-time high of $73,777.00 on March 14, 2024. However, it has struggled for 4 months to overcome the $70K hurdle. The sellers eventually won the battle, resulting in a fall of 25% in one go in a month.

As per the chart structure, most liquidity is below $60K, and the price was below $55K at press time. The price below the 200-day EMA has spread fear among the buyers.

When writing, Bitcoin traded at $54,500.00 with an intraday loss of 4.47%. Its market capitalization dropped from $1.23T to $1.07T in the past few weeks. The 24-hour trading volume of BTC was $51.25 Billion, with a rise of 52%.

BTC Price Has Formed Three Black Crows; Are Sellers Eyeing for the $50K Level?

Bitcoin price has been in a strong bearish trend and has slipped below the 200-day EMA. It has lost around 13.83% in the past 3 days, which shows weakness. 

On a daily time frame, the BTC price has shaped ‘three black crows’ and is showing a bearish forecast. Suppose the Bitcoin price sustains below the key moving averages, sellers may take the trend further. 

The last hope for buyers is $50K, and the price may halt here for some time. Suppose the price forms any bullish candlestick on the $50K mark, buyers may show interest. If the price surpasses the 200-day EMA with a rise in volume, it may perform positively further.

Based on the technical indicators, the RSI was 24 at press time, generating a death crossover with the RSI-based moving averages. The price slipped below the key moving averages, showcasing the bearish forecast.

BTC Price to Hold $52K Level?

A source on X claimed that the Bitcoin price was at the support level of a falling wedge pattern. Based on the historical chart, the $52K level may work as a better support level.

Bitcoin Price Approaching $50K Mark?

When writing, most technical indicators favored a bearish forecast based on the market condition and chart structure. The BTC price slopped below the 200-day EMA with a 13% loss in 3 days. It developed a ‘three black crows’ candlestick pattern, which is a bearish pattern. Buyers have tried multiple times to overcome the $71K hurdle, but sellers have dominated and dragged down the price below the $54K mark. A significant fall in the market cap has been seen.

Technical Levels

The bullish trend can be interrupted near the $60.50K and $70K levels. The Bitcoin price is expected to take support at the $52.20K and $44.40K mark.

Disclaimer

This article is for informational purposes only and provides no 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 research before making any financial decisions.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Adarsh Singh
Adarsh Singh
Adarsh ​​Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
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