$BTC Price Prediction: Bears Eye $55k Levels, Is the Biggest Crash in History Approaching? - CoinPedia Analytics

Bitcoin remains on a downward trend, influenced by a major market event where NVIDIA suffered a historic single-day loss of 95%, amounting to about $280 billion. This shock in the stock market also impacted Bitcoin and other e-assets, driving them lower.

Analyst Josh from Crypto World notes that Bitcoin is currently testing a crucial support zone between $56,000 and $57,000, where it might find some buying interest, potentially stabilizing in the short term. However, this support may only hold temporarily, especially with the broader bearish factors, including the stock market collapse.

The Bitcoin chart still shows a bearish trend, with strong resistance near $60,000. Short-term bullish moves are likely to face significant resistance, and if Bitcoin falls below the current support, the next levels lie between $54,000 and $51,000 to $53,000. Bitcoin is down over 4% and trading at $56,500.