Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-struggles-below-60000-affect-altcoin-market/" data-wpel-link="internal">Bitcoin Price Struggles Below $60,000 Affect Altcoin Market</a> 
Bitcoin’s (BTC) price struggles below the $60,000 level, impacting the recovery process in the <a href="https://en.coin-turk.com/investors-drive-not-token-price-up-by-30/" data-wpel-link="internal">altcoin</a> market. In the last 24 hours, <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> expecting a rise faced liquidations worth $137 million, and the downward pressure on altcoins continues to increase. This raises the question of whether Binance’s altcoin BNB (BNB) can withstand the increasing supply pressure. 
<h2 id="strong-decline-halted-at-200-day-ema-strong">Decline Halted at 200-Day EMA</h2> 
With the formation of a long-tailed candle, BNB continues to hold above the psychological level of $450. The price made a V-shaped recovery above the $500 level and the 200-day Exponential Moving Average (EMA), but this rally failed to absorb the supply pressure above the 200-day EMA, leading to a 3.78% drop on Sunday. This decline led to a retest of the $500 level, with warnings that the price could fall to the $455 level. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-378988" src="https://coin-turk.com/wp-content/uploads/2024/08/BNB-Coin.png" alt="" width="1600" height="796"> 
Additionally, the high price rejection in Sunday’s candle revealed additional supply from the 50-day EMA. This caused the recovery rally to end abruptly before reaching the upper trendline. 
MACD and signal lines are about to stop making a positive crossover with BNB’s price falling. Therefore, the sudden increase in supply delays the positive signal from the MACD indicator. BNB’s failure to stay above the 200-day EMA and the upward rejection from the 50-day EMA indicate a bearish cycle. 
<h2 id="strong-can-bnb-s-price-stay-above-the-500-threshold-strong">Can BNB’s Price Stay Above the $500 Threshold?</h2> 
According to Fibonacci levels, BNB’s price failed to hold above the 23.60% Fibonacci level, leading to a rapid decline. Currently, BNB is hanging by a thread around the psychological level of $500. A drop below this critical level could trigger a free-fall movement for the altcoin. The next support zone for the BNB token is between $455 and $450. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-struggles-below-60000-affect-altcoin-market/" data-wpel-link="internal">Bitcoin Price Struggles Below $60,000 Affect Altcoin Market</a></h5>
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Bitcoin Price Struggles Below $60,000 Affect Altcoin Market

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