Home Travel News & Insights Will Bitcoin sink towards $50k? THIS signals more losses

Will Bitcoin sink towards $50k? THIS signals more losses

by admin
Will Bitcoin sink towards $50k? THIS signals more losses

Will Bitcoin sink towards $50k? THIS signals more losses

flights Will Bitcoin sink towards $50k? THIS signals more losses

flights Avatar

Reporter

  • Bitcoin has an HTF bullish outlook, however the existing retracement might go deeper.
  • The ETF inflows momentarily buoyed bullish spirits.

Bitcoin [BTC] turned bearish on the lower timeframe cost charts after racing to $65.5 k at the start of the week on Monday, the 6th of May.

The $63.3 k assistance level caved to the selling pressure and was turned to resistance on the 7th of May.

Reports of a decrease in the build-up of BTC might see more devaluation due to an absence of need. The outlook stayed bearish for Bitcoin regardless of appealing inflows on Monday.

The $62.1 k level fails as the sag collects strength

flights Bitcoin 12-hour Chart

Source: BTC/USDT on TradingView

The variety that BTC was formerly trading within had its lows at $59.7 k. The cost action on the 1st of May saw this level breached, and the $65k area retested as resistance.

This implied that the marketplace structure was bearish.

The RSI on the everyday timeframe likewise fell listed below neutral 50 to suggest bearish momentum. Alternatively, the OBV jumped above a regional resistance level and continued to safeguard it at press time.

It was most likely that Bitcoin would drop towards the $55k low or more downward in the coming weeks.

In the previous 2 months, offering pressure has actually been extreme, and the liquidity to the south might bring in costs lower.

Why Bitcoin can not bullishly reverse quickly

The technical outlook highlighted a bearish predisposition. After a strong pattern, rates require time to combine.

By breaking listed below the variety low at $59.7 k, BTC hinted that the debt consolidation stage was not yet upon us which the drop continued.


Check out Bitcoin's [BTC] Cost Prediction 2024-25


The liquidity pockets at $56k and $51.5 k are the next magnetic zones for Bitcoin. To the north, the $68.5 k-$70k area was an intriguing location for a bearish turnaround.

Provided the technical elements, a relocation southward appeared most likely.

Disclaimer: The details provided does not make up monetary, financial investment, trading, or other kinds of guidance and is exclusively the author's viewpoint.

Learn more

You may also like

Leave a Comment

Travel more for a lot less!

GET ALERTS STRAIGHT TO YOUR EMAIL. TRY IT.

TravelSaverXL.com - Travel Agents worldwide

Looking to book an international flight? You probably want to get the best price (don't we all!) for the best possible flight. Here is why you should choose Travel TravelSaverXL.com for your business trip or family vacation:

Best Service from TravelSaverXL.com

With a global knowledge base, superior booking leverage, and a global knowledge base, TravelSaverXL.com can offer you the best possible service for:

  • Finding the best prices on flights.
  • Being your advocate before, during and after travel.
  • Providing you with high-quality information about your trip.
  • Giving you travel tips and ideas.

TravelSaverXL.com - Travel Agents worldwide Know the Best Itineraries

Taking a vacation to Sri Lanka, Costa Rica, Europe or any international spot is a considerable investment. Sometimes the best "deal" might not actually be the best use of your time and money. Experienced travel agents know the best itineraries for travels and tours and they can make sure you not only get the best deal but the best possible holiday trip.

Relax, You are in Good Hands

Your best bet for a good price and a great time? Save time and money by letting a highly-connected and experienced Travel Agent from LA make your plans for you. Know what that means? When you let your travel agent take care of your plans, you just get to relax and have a wonderful time!

[smbtoolbar]

Got a Question?

    Copyright TravelSaverXL.com © 2019. All Rights Reserved