Bitcoin Price:Is BTC Bull Run Over as Bulls Lose 200-Day MA?

05-Jul-2024 By: Lokesh Gupta
Bitcoin Price:Is BTC Bull Run Over as Bulls Lose 200-Day MA?

Bitcoin price falls, eyes crucial $50,000 support next

  • The crypto markets saw a significant downturn following the movement of 47,228 BTC from the Mt. Gox cold wallet, facilitating a $9 billion payout.

  • German Government Transfers 1,300 BTC to CEX, Expanding Holdings to Over 40,000 BTC.

  • Similar to events in May 2021 after an SNL appearance by Elon Musk, BTC reached new highs in April 2021 and then fell by approximately 55% in May.

  • In March 2024, $BTC hit a new all-time high but has since dropped by 27%, potentially revisiting the $33,000 level.

  • #Bitcoin recently formed a Double Top pattern, breaking below its neckline, signaling increased selling pressure.

  • The price of Bitcoin dipped below a crucial multi-month support level, closing under it yesterday.

  • Recently, #Bitcoin fell to its lowest price in 127 days, dropping below $56,724 as of February 28, 2024.

  • Concerns are rising as Bitcoin's price falls below its 200-day average, with fears that it may lose support at $53,000.

  • According to Coin Gabbar analysis, If buyers can maintain the $53,000 level, Bitcoin could see a rebound toward $56,500 and potentially $60,000.

  • However, if panic selling ensues, BTC might test $50,000 and potentially lower levels.

KEY LEVELS :

RESISTANCE LEVEL : $56,500-$60,000

SUPPORT LEVEL : $52,200-$50,000

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

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