Bitcoin falls below $60,000! Rising volatility and recession fears, where does it go from here?

Following last week’s drop in the Bitcoin ETF market, Bitcoin (BTC) failed to hold the key $60,000 support level. Sunday’s 3.65% plunge, accompanied by a sharp rise in volatility and the continued threat of a recession in the US market, led to a sharp increase in market supply pressure. BTC price failed to break through the 50-day EMA (dynamic resistance), will the downward trend continue? Can Bitcoin reclaim $60,000 this week, or will the $50,000 support level face a severe test?

After a sharp rise above the support trend line, BTC once successfully reclaimed the 200-day EMA and the $60,000 mark. However, the market failed to maintain bullish momentum after last week’s strong rebound. As the price retreated from the 50-day EMA, the market immediately fell 2,227 points. The price of BTC fell below $60,000 and hit $58,515 during the Asian market trading session.

In the past 24 hours, the sudden increase in market supply pressure has led to large-scale liquidations, with a total liquidation amount of up to $156.48 million, and long positions have been particularly heavy, reaching a liquidation amount of $123.74 million. The long-short ratio is close to 1:3

Trading volume surged 95% to $49.79 billion, while open interest fell to $27.58 billion, a decrease of 2.74%. In addition, the long/short ratio of top Binance traders is 1.6151, showing that they are still bullish on BTC prices.

RSI: The daily RSI line rebounded from the oversold area, but failed to break through the midline, resulting in another pullback. EMA: BTC price has pulled back from the 50-day EMA to below the 200-day EMA, and the dynamic average may form a "death cross", indicating that the price may fall further.

Will BTC price hit $50,000?

The Bitcoin market is at a critical moment, and how to formulate a strategy under increased volatility is a challenge for every investor. Continue to pay attention to "Lao Lin"'s in-depth analysis, grasp market dynamics, and escort your investment decisions!

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