$BTC Dips Below $60K as Volatility and Recession Fears Mount - CoinPedia Analytics

Following a bearish end to the Bitcoin ETFs market last week, the Bitcoin (BTC) price failed to hold onto the $60K mark. Crashing 3.65% on Sunday, the rising volatility and the constant threat of the U.S. market facing a recession leads to increased supply. 

As the BTC price fails to surpass the 50D EMA, which acts as a dynamic resistance, let’s take a closer look at the possibility of downfall. Will Bitcoin reclaim $60K this week, or is a downfall to $50K inevitable?

Following the massive surge from the support trendline, the BTC price managed to reclaim the 200D EMA and the $60K mark. The recovery rally in the week of Black Monday resulted in a V-shaped reversal for Bitcoin and improved the overall market sentiment.

However, the bullish momentum failed to sustain immediately after the 12% jump on Thursday. With a pullback from the 50D EMA, the downfall witnessed a surge in supply pressure on Sunday, accounting for a 2,227-point drop. 

Breaking below the $60K mark, BTC price trades at $58,515, with an intraday Doji visible during the Asian market hours.