Bitcoin plummets on Labor Day. Where will it go next?
The price of the currency fell to $56,000 (USD).
Bitcoin (BTC) began May 2024 with a price drop to $56,000 (USD), its lowest in more than two months. Precisely, since February, this area that has historically functioned as a barrier has not been seen.
Both in February and in the last bullish cycle of 2021, the area around USD 56,000 behaved as a resistance-support area. Therefore, it results in a psychologically strong price level that the market will try to sustain. But, if the supply force prevails, the next brake could be at USD 50,000-52,000.
