Bank

bullish

Million

Trillion

Coin

The latest employment data fell short of expectations, as 114,000 jobs were added by employers in the US. This was below the expected 185000, thus reviving the fears of an impending recession. BTC price has been gravely affected and showcased a significant downturn. 
This economic uncertainty shifted investor bullish sentiment to the bearish side, impacting the crypto market. 
BTC price fall accelerated even more on August 5th, 2024, as Japanese stock markets and South Korean markets fell. The Nikkei 225 (NI225) and Japan 225 (JP225) dipped significantly due to the Bank of Japan’s rate hike; they fell 16% and 12%, respectively. The South Korean stock market (KOSPI), fell 12%, as well. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="469" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-54-1024x469.png" alt="NI225, JP225, KOSPI, BTC 1.D. | Source: TradingView" class="wp-image-648830" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-54-1024x469.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-54-300x137.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-54-768x352.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-54-1536x704.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-54-150x69.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-54-696x319.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-54-1068x489.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-54.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 NI225, JP225, KOSPI, BTC 1.D. | Source: TradingView
 </figcaption>
</figure> 
These global happenings led the market leader (BTC) to fall gravely, as observed on the daily chart. The Fear has increased among investors and traders, as the fear and greed index needled at 26. 
<h2 class="wp-block-heading" id="h-on-chain-insights-of-btc">On-Chain Insights of BTC </h2> 
The Bitcoin Dominance, as of writing per the CoinMarketCap, was 56.4%, and in the past 7 days, it landed more than 25%. BTC has put the red blanket on the crypto landscape. The global market cap has dipped below $2 trillion; precisely, it has reached $1.89 Trillion with an intraday 12.14% fall. 
As per the financial data, the global addresses are 52.69 Million addresses with a balance of <a href="https://www.thecoinrepublic.com/price-prediction/bitcoin/">BTC </a>and this has not decreased significantly yet. This shows the intact interest in people holding BTC. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="386" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-52-1024x386.png" alt="Financial Data | Source: IXFI" class="wp-image-648820" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-52-1024x386.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-52-300x113.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-52-768x290.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-52-150x57.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-52-696x262.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-52-1068x403.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-52.png 1310w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Financial Data | Source: IXFI
 </figcaption>
</figure> 
As per the On-chain research website, the holders that are still in green after the dip are 40.47 Million addresses, which makes 75.78% of the total, while the experienced losses were 18.05%, which makes 9.64 Million addresses. Meanwhile, the breakeven addresses are 3.3 Million, precisely 6.17%. 
<h2 class="wp-block-heading" id="h-decoding-what-btc-price-can-do-next-amp-how">Decoding, What BTC Price Can Do Next &amp; How?</h2> 
BTC price on the daily chart has dropped significantly from an ascending wedge a week ago and has slipped two critical supports at $60278 and $56393 quicker in the past 24 hours, breaking the 200-day EMA.&nbsp; 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="594" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-51-1024x594.png" alt="BTC 1.D &amp; 1.M | TradingView" class="wp-image-648815" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-51-1024x594.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-51-300x174.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-51-768x446.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-51-150x87.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-51-696x404.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-51-1068x620.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-51.png 1441w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 BTC 1.D &amp; 1.M | TradingView
 </figcaption>
</figure> 
As of writing, it hangs over a historical demand zone, where it traded at $51928 with an intraday dip of 11% on the daily chart. Breaking this would lead to $47361 and $43217, respectively. 
Moreover, a look at the monthly chart, BTC price had an ascending wedge in play. Where the price has been deflected from the upper border of the channel, causing the plunge. 
In the past, it was witnessed that the channels’ middle line has shown previous comebacks in price, and recently, it reached near this dynamic trendline. 
Based on potential buyers’ interest, this trendline could hold and bounce back. But if the seller dominance increases, then deterioration would lead to a severe crash. 
Over the daily chart, the indicators are all red and displaying further bearishness, as 50-day and 200-day EMAs have been pierced down. The MACD showed a bearish cross with a broadening histogram downwards at 1542.02.  
<a href="https://in.tradingview.com/chart/BTCUSD/1wKCWbPV-Decoding-What-BTC-Can-Do-Next-How/"></a><a href="https://in.tradingview.com/u/Sam_TCR/"></a> <a href="https://in.tradingview.com/"></a>  
However, the loss of strength in price dip has been observed by RSI, as it has entered extremely oversold territory below 30 at 23.61. Since RSI has been oversold, there happens to be a good probability for BTC to rise. 
Therefore, if BTC price bounces back, then the hurdle would lie at $53614, $56393, and $60278, respectively. 
The post <a href="https://www.thecoinrepublic.com/2024/08/05/btc-price-down-amid-global-woes-as-fear-surged-btc-to-slide-to-50k/">BTC Price Down Amid Global Woes As Fear Surged: BTC to Slide to 50K?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

BTC Price Down Amid Global Woes As Fear Surged: BTC to Slide to 50K?

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