Bitcoin Scary Pattern

Bitcoin drops below 55k dollar: Faking dump?

Bitcoin today visited briefly visited the $59,000 mark the first time after November 22, 2021. Bitcoin drops to the bottom of $54,000. Bitcoin drops below. 

The Bitcoin price today is $54,246.28 USD with a 24-hour trading volume of $43,067,779,213 USD. Bitcoin is down 8.29% in the last 24 hours, with a live market cap of $1,024,374,884,451 USD. It has a circulating supply of 18,883,781 BTC coins.

Bitcoin drops
Source: TradingView

Bitcoin drops: Analysis

Bitcoin was stopped by the psychological resistance of $60,000 and as the selling pressure rose near converging EMA 100 and 200. Bitcoin slumped down to $54,000 collecting the many stop losses from the support of $56,000. Now that the support is broken and RSI shows the indicator is headed towards the oversold situation. We think the breakout below the $56,000 is actually a fake-out and Bitcoin correction will be soon over. However, the next support level for Bitcoin is at 1.272 at $51,000.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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