As $BTC Price Drops To $50K, Wiping Out A Billion Dollars, Will It Drop To $45K? - CoinPedia Analytics

With the bears in the driving seat, the BTC price suffers a massive loss in market valuation and is down by almost 15% today. Currently, Bitcoin is trading at $50,103 and breaks under a crucial support trendline with a bearish engulfing candle. 

The bearish candle in the BTC price undermines the sideways range of months and signals a selling opportunity. Further, it undermines the bullish flag pattern with a bearish outcome today. 

The daily RSI line takes a quick reverse from the overbought boundary to drop under the oversold boundary line. Thus, the momentum indicator reflects the massive downtrend in the BTC price. The breakdown of the 200D EMA results in a bearish turnaround in the 50D and 100D EMAs. With a crossover in the 100D and 50D EMA, the first bearish signal is on the charts. 

With the bears overpowering the bullish control, Bitcoin fails to hold the bullish flag pattern in the daily chart. Further, the growing pressure over the $50K support warns of an extended downfall in BTC price this week. 

With the next support levels at $47K and $43K, the downfall in Bitcoin is likely to gain momentum. Supporting the downfall, a global market crash will amplify the bear run.