Why Is $BTC Price Down Today? How Low BTC Price Might Go? - CoinPedia Analytics

In the past 24 hours, the Bitcoin price has dropped by 1.14% and is currently trading at $56,025. Struggling to sustain dominance above the $56,000 mark, the Bitcoin price forms an intraday doji candle. In the daily chart with the doji candle, the BTC price hangs near the base level of $55,852 of the Fibonacci retracement tool. If the BTC price manages to close the day with the doji candle, the possibility of a reversal will increase significantly. Further, a potential morning star could be witnessed for a recovery rally. Despite the ongoing bear cycle, the daily chart reflects a bullish flag pattern. However, the support trendline is far away from the current price and can result in a price drop to the $52,500 level. 

Despite the ongoing downfall, the BTC price is reflecting indecision in the market with a Doji near $55,500. Hence, the chances of Bitcoin surviving the crash above the $55K mark are significant. However, a minor correction is possible if the sentiments deteriorate near the Job report release. On the positive side, a slowdown in the Job sector will result in a sentimental boost for the crypto market. The increased rate cut chances will boost the BTC price to the $60,000 mark.