Bitcoin

The post <a href="https://coinpedia.org/price-analysis/will-btc-price-crash-under-56k-100k-a-pipe-dream/" rel="noopener noreferrer nofollow">Will BTC Price Crash Under $56K, $100K A Pipe Dream?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
With the release of Mt. Gox Bitcoins, the broader crypto market has experienced a massive surge in supply pressure. As market analysts expect the supply to continue in the coming days, the crash could continue in the BTC and the altcoins price alike.&nbsp;
Crashing under the crucial support zone of $60,000, the BTC price trend marks the third consecutive bearish day. The downfall now tests the dynamic support of the 50D EMA and warns of another breakdown.&nbsp;
With the increasing supply, the long-liquidations are on the rise. Will the bearish trend result in a drop below the $56,000 level to test the psychological mark of $50,000?
Let’s examine our detailed price analysis for a clearer view of the BTC price trend. You can also check out our <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin price prediction</a> to determine the chances of Bitcoin hitting the $100,000 milestone this year.
<h2 class="wp-block-heading" id="h-bitcoin-price-performance">Bitcoin Price Performance</h2>
With an ongoing correction, the BTC price is now down by 17% in the last 28 days to crash under the crucial $60,000 mark. The negative cycle within the flag pattern warns of a bearish reversal as the bottom support breaks down.&nbsp;
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="510" src="https://image.coinpedia.org/wp-content/uploads/2024/07/04132912/image-81-1024x510.png" alt="" class="wp-image-322632" srcset="https://image.coinpedia.org/wp-content/uploads/2024/07/04132912/image-81-1024x510.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/07/04132912/image-81-300x149.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/07/04132912/image-81-768x382.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/07/04132912/image-81-1536x765.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/07/04132912/image-81-150x75.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/07/04132912/image-81.png 1814w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<a href="https://www.tradingview.com/x/dyGALC1u/" rel="noopener noreferrer nofollow">Tradingview</a>
The declining price trend influences a downtick in the 50D EMA and warns of a death cross with the 200D EMA. Currently, the BTC price trades at $58,444 with an intraday drop of 2.81%, creating the third bearish candle to test the 200D EMA.&nbsp;
Bitcoin price action completes a triple black crow pattern and warns of a breakdown below the dynamic support. Further, the release of Mt.Gox payments accounts for massive long liquidations worth almost $80 million within 48 hours.&nbsp;
<h2 class="wp-block-heading" id="h-will-btc-price-drop-under-56-000">Will BTC Price Drop Under $56,000?</h2>
With increasing fear and supply in the crypto market, bearish anticipations are on the rise. Standing at the 200D EMA, the breakdown chances are significantly higher than that of a reversal as the trading volume surges 55% in 24 hours.&nbsp;
With the declining trend in motion, the next crucial supports for BTC price are at $56,000 and $52,000.&nbsp;

Will BTC Price Crash Under $56K, $100K A Pipe Dream?

Table of Contents

CoinPedia News

Other articles published on Jul 4, 2024

Is This Bitcoin Buy The Dip Opportunity or Should Investors Wait?

Cryptocurrencies Recover After November 2022 Crash

Solana (SOL) Price Faces Decisive Phase as Bears Threaten $100 Level

Justin Sun Plans Bitcoin Deal with German Government to Mitigate Market Impact

MoonBag Reigns Supreme: Best Presale in 2024 Soars to $3.1M, Eclipsing AAVE and Hedera

German MP Urges Government to Stop Selling Bitcoin

Join our free newsletter for daily crypto updates!