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🔥🔥🔥 Bitcoin Price Analysis: 2 Targets for BTC Following the Crash Below $50K and Subsequent Bounce: 🔴 OR 🟢

♦️ After a significant downturn in the cryptocurrency market, Bitcoin has seen a sharp decline, breaking through the key support level of its previous major swing low of $53K.

This price movement indicates a possible shift towards a bearish market structure.

♦️The Daily Chart

A detailed examination of Bitcoin’s daily chart reveals a significant downturn driven by widespread fears of potential economic turmoil. Since Friday, increased selling pressure has led to a sharp decline in BTC’s price, causing it to break below the 200-day moving average at $61.1K and its prior major swing low at $53K.

This breakout is a strong bearish signal, suggesting a potential shift in market structure towards bearishness, as it marks a new lower low on the daily timeframe.

This movement indicates that sell-side liquidity, which was resting below the $53K level due to stop-loss orders from earlier long positions, has been activated, triggering a long-squeeze event.

With the perpetual markets cooling down and deleveraging, there is now a greater likelihood of a mid-term consolidation phase. Therefore, in the coming days, Bitcoin’s price is expected to fluctuate between the $53K and $60K levels.

♦️The 4-Hour Chart

On the 4-hour chart, the intensity of the sell-off is evident as Bitcoin’s price cascaded through several critical support zones, including the $60K psychological level and the crucial $53K mark.

However, this sharp decline has effectively flushed out most of the long positions in the futures market, leading to a temporary halt in bearish momentum when the price reached the lower boundary of a multi-month wedge pattern around $50K, causing a slight rebound.

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