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Bitcoin price dropped to a multi-month-low of $49,105 on Aug. 5 as the crypto sell-off continued.&nbsp; 
At its lowest point on Monday Aug. 5, Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) was down by over 33% from its highest point this year. While it did bounce back from below $50,000 to test the $55,000 level, it still remains in a deep bear market.&nbsp; 
The prediction market is divided on what to expect later this year. According to <a href="https://kalshi.com/markets/btcminy/how-low-will-bitcoin-fall-this-year" target="_blank" rel="">Kalshi</a>, a fast-growing prediction platform backed by Charles Schwab, Sequoia, and Henry Kravis, 76% of poll participants expect the Bitcoin price to end the year below $50,000.&nbsp; 
Fifty-four percent of the participants see the coin falling below $40,000, while 20% of them expect it to drop below $30,000. 
Meanwhile, according to Polymarket, fewer traders expect Bitcoin to rise to $100,000 this year. In March, 64% of the poll participants expected the coin to jump to that level. On Monday, the figure had <a href="https://polymarket.com/event/will-bitcoin-hit-100k-in-2024?tid=1722878221352" target="_blank" rel="">dropped</a> to 22%.&nbsp; 
 You might also like: <a href="https://crypto.news/the-bullish-case-for-crypto-polymarket-forecasts-and-sahm-rule/"> The bullish case for crypto? Polymarket forecasts and Sahm Rule </a> 
Bitcoin and other cryptocurrencies are falling as the industry faces substantial headwinds. The most recent data shows that spot Bitcoin ETFs shed over $65.4 million in assets.&nbsp; 
Bitcoin’s futures open interest <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="">slipped</a> to over $6.2 billion from last month’s high of over $8.8 billion. Additional data revealed that Bitcoin suffered $444 million in liquidations on Monday, while the entire industry had over $1.14 billion. 
On the positive side, big investment firms like Blackrock,&nbsp;Fidelity, and MicroStrategy are not selling their coins.<a href="https://crypto.news/microstrategy-seeks-raising-2b-to-buy-more-bitcoin/" target="_blank" rel="noreferrer noopener"> MicroStrategy is even raising funds</a> to buy more coins.&nbsp; 
Also, as we saw in March 2020, the Federal Reserve could start cutting interest rates even before the September meeting. Inflation has continued falling while the unemployment rate has risen to 4.3%. 
<h2 class="wp-block-heading" id="bitcoin-price-technicals-are-sending-mixed-data">Bitcoin price technicals are sending mixed data</h2> 
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 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/Bitcoin-Price-3.png.webp"> 
 <img loading="lazy" decoding="async" width="3574" height="1986" src="https://crypto.news/app/uploads/2024/08/Bitcoin-Price-3.png" alt="Bitcoin price"> 
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 Bitcoin price | Chart by <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=COINBASE" target="_blank" rel="">TradingView</a>
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On the daily chart, we see that Bitcoin peaked at $73,955 and then moved downwards to $49,104 on Aug. 5. Its lowest point was an important level since it coincided with the highest point on January 11. Bitcoin also dropped below the 200-day moving average, meaning that bears are in control. 
Most importantly, Bitcoin has been forming a series of lower highs ($73,900, $72,000, and $70,000). It also formed lower lows at $60,730, $56,900, and $50,775. In most cases, this price action leads to more downwards movement. 
On the positive side, Bitcoin has formed a falling broadening wedge pattern, a popular bullish sign. In this case, more upside will be confirmed if it rises above the 200-day moving average and rises above the upper side of the descending trendline. 
Conversely, a drop below Monday’s low will invalidate the wedge pattern and point to more downside as sellers target the 50% retracement level at $44,840.&nbsp; 
 You might also like: <a href="https://crypto.news/bitcoin-falls-below-50000-is-a-black-swan-coming-to-the-crypto-market/"> Bitcoin falls below $50,000: Is a black swan coming to the crypto market? </a>

Bitcoin chart showing mixed signals following crypto Black Monday

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