The News Crypto -
- Bitcoin plummeted by 5.90% in the last 24 hours, slipping down to $59K.
- The BTC market sentiment is in the fear zone.
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.
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 recent selloff, including macroeconomic concerns and other market trends. Crypto analysts warn of a possible liquidation torrent, predicting BTC at $50K if it fails to break the downside pressure.
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 data. Moreover, BTC evokes fear in the market as the Fear and Greed Index stays at 30. Coinglass reportedly revealed that Bitcoin has witnessed a 24-hour liquidation of $96.57 million.
BTC Bulls Struggles in the Bear Hold
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.
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.
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.
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.
This content was originally published on The News Crypto
