Bitcoin plummeted by 5.90% in the last 24 hours, slipping down to $59K.
The BTC market sentiment is in the fear zone.
Bitcoin (BTC) took a brief plunge yesterday, managed to hover at the $62,000 mark, and wiped off all the gains within the last 24 hours. BTC crashed by over 5.90%, marking one of the largest declines since August.
The bears continued to restrain the bulls from recovering, slipping to a low of $58,116. The highest price in the last 24 hours at which BTC traded was at $63,209. The current downside momentum of the asset appears due to the recent selloff, including macroeconomic concerns and other market trends. Crypto analysts warn of a possible liquidation torrent, predicting BTC at $50K if it fails to break the downside pressure.
Despite the dip, the daily trading volume of BTC has soared to 46.88% to $41.68 billion. At press time, BTC traded at $59,410 as per CMC data. Moreover, BTC evokes fear in the market as the Fear and Greed Index stays at 30. Coinglass reportedly revealed that Bitcoin has witnessed a 24-hour liquidation of $96.57 million.
BTC Bulls Struggles in the Bear Hold
The monthly price chart of BTC reveals a clear downside trend by observing a decline of over 12%. The asset started trading at $69.5K and dived to $49.8K.
Whereas, in the last seven days, Bitcoin spiked briefly by 0.50%, breaking the downside pressure, and BTC was priced in green. It surged to the range of $64K from a low of $59K.
Notably, if BTC could step into the upside momentum, the asset’s price might test its key resistance at the $60,570 range. However, in the event of a bearish turn, BTC will struggle to break the resistance and will find nearby support at $58,299.
BTC price chart (Source: TradingView)
Meanwhile, Bitcoin’s short-term 9-day and long-term 21-day MA are found at $61,616 and $60,476, respectively, above the current price. The daily relative strength index (RSI) stands at 45.03, indicating BTC’s price momentum is approaching the neutral market sentiment.
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