Why Bitcoin is Crashing Today?

The cryptocurrency market has crashed over 5% overnight with a trading volume of $144.82 billion. With this, the crypto-verse is now valued at $3.01 Trillion. Notably, the market has wiped out over $110 billion in 24 hours, making it the worst-performing day of the year.

Considering the ongoing market statistics, is this a good time to invest in Bitcoin? Moreover, investors are storming the internet with questions like “Why is BTC crashing?” In this article, we have uncovered the market sentiments and possible short-term Bitcoin price analysis just for you.

BTC Price Breaks Below Its Crucial Support Of $90,000!

The price of Bitcoin has lost 7.16% in 24 hours with a trading volume of $74.79 billion, a change of +206.03%. Furthermore, it has dropped ~8% in 7 days and ~15% in the last 30 days. With a YTD return of -4.68%, its dominance has increased to 61.1079%.

The EMA 50-day constantly acts as a resistance to the Bitcoin price chart in the daily time frame with its EMA 200-day on the verge of experiencing a negative crossover. This highlights an increase in the selling-over-buying pressure for the largest crypto token.

Moreover, the Relative Strength Index (RSI) records a sharp plunge toward the oversold range in the 1D time frame. Moreover, the average trendline displays a similar price trend, suggesting a negative outlook for the BTC price this week.

How Low Will Bitcoin Price Go?

If the bears maintain the negative momentum, the Bitcoin price could retest its support level of $85k. Maintaining the price below that level could set the stage for it to plunge toward its lower support price of $81,000 in the upcoming time.

However, if the bulls outrun the bears, the BTC price may retest its immediate resistance level of $90,000. Moreover, if the bulls dominate the market, this could result in the largest crypto token heading toward its upper resistance level of $92,000.

Are you one of many who are wondering what’s next for BTC price amid the ongoing market turmoil? Read CoinPedia’s latest Bitcoin Price Prediction today to uncover the possible long-term puzzles!

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