Bitcoin (BTC) PriceBTC AnalysisBTCEURBTCGBPbtcusdBTCUSDTCrypto News

Bitcoin Records 17-Day Low: Now Facing Critical Support (BTC Price Analysis)

Bitcoin dropped by a sharp 10% over the past 24 hours as it headed towards $50K. The cryptocurrency has been falling throughout the entire week after slipping beneath an ascending trend line around the previous ATH from February at around $58,300, back on Monday.
It initially found support at $54,000, but it was broken down yesterday, causing Bitcoin to fall further into the .618 Fib Retracement at $51,540. Today, the price decline continued as the 10% price fall caused BTC to record a current low of $50,360 according to Bitstamp.
On March 20th Bitcoin was rejected trying to break through the $60k resistance level. Since then, BTC lost almost $10k of its value. In fact, $50,300 is the lowest price BTC was trading at since back on March 8th.
The bearish momentum follows the global markets. On Wednesday, major Wall Street indices saw 1-2% crashes, and today the bloodbath continues with Nasdaq deep in the red.
On a daily timeframe, Bitcoin broke down a critical ascending trend-line at around $54k and is now struggling to stay on top of the 50-day moving average line which is currently around the $51k mark. Besides, a daily close above the latter is the first condition to stay safe from a deeper plunge towards the mid 40k zone.
BTC Price Support and Resistance Levels to Watch
Key Support Levels: $51,540, $51,000, $50,000, $49,195, $47,700.
Key Resistance Levels: $53,500, $54,000, $56,000, $58,350, $60,000.
Looking ahead, the first level of support beneath $51,540 lies at $51,000 (50-day MA). This is followed by $50,000, $49,195 (.382 Fib Retracement), $47,700 (downside 1.618 Fib Extension), $46,000, and $44,750.
On the other side, the first level of resistance …
Story continues on Crypto Potato

Related posts
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTElon MuskNewsteslaxbtusd

Significant Bullish Events That Tesla Accepting Bitcoin Payments Have Triggered

The Bitcoin price started correcting almost immediately after Elon Musk announced that Tesla can now be bought with Bitcoin. Bitcoin had initially dipped, losing around 4% at midday, and continued to correct downwards the following day. BTCUSD Chart By TradingViewBulls…
AA NewsBinanceChangpeng Zhao (CZ Binance)Crypto NewsRegulationsSocial

Binance Hires Former FATF Executives to Strengthen Regulatory and Compliance Efforts

Binance has hired two former executives from world-renowned regulatory organizations – Rick McDonell and Josee Nadeau. The popular crypto exchange aims to enhance its AML and CFT endeavors and develop more robust relationships with law enforcement bodies worldwide.  The Malta-based…

THETA Price Crashes 30% in a Day Following Mainnet Postponement

According to an announcement from the project, the development team needs more time to “conduct a more thorough review and testing” to ensure that the network will function effectively when it scales over 100,000 Elite Edge Nodes. Theta Mainnet 3.0…