Price Analysis View Non-AMP

Will BTC Price Crash Under $56K, $100K A Pipe Dream?

Published by
Sohrab Khawas

With the release of Mt. Gox Bitcoins, the broader crypto market has experienced a massive surge in supply pressure. As market analysts expect the supply to continue in the coming days, the crash could continue in the BTC and the altcoins price alike. 

Crashing under the crucial support zone of $60,000, the BTC price trend marks the third consecutive bearish day. The downfall now tests the dynamic support of the 50D EMA and warns of another breakdown. 

With the increasing supply, the long-liquidations are on the rise. Will the bearish trend result in a drop below the $56,000 level to test the psychological mark of $50,000?

Let’s examine our detailed price analysis for a clearer view of the BTC price trend. You can also check out our Bitcoin price prediction to determine the chances of Bitcoin hitting the $100,000 milestone this year.

Bitcoin Price Performance

With an ongoing correction, the BTC price is now down by 17% in the last 28 days to crash under the crucial $60,000 mark. The negative cycle within the flag pattern warns of a bearish reversal as the bottom support breaks down. 

The declining price trend influences a downtick in the 50D EMA and warns of a death cross with the 200D EMA. Currently, the BTC price trades at $58,444 with an intraday drop of 2.81%, creating the third bearish candle to test the 200D EMA. 

Bitcoin price action completes a triple black crow pattern and warns of a breakdown below the dynamic support. Further, the release of Mt.Gox payments accounts for massive long liquidations worth almost $80 million within 48 hours. 

Will BTC Price Drop Under $56,000?

With increasing fear and supply in the crypto market, bearish anticipations are on the rise. Standing at the 200D EMA, the breakdown chances are significantly higher than that of a reversal as the trading volume surges 55% in 24 hours. 

With the declining trend in motion, the next crucial supports for BTC price are at $56,000 and $52,000. 

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

Recent Posts

Could XRP Become a U.S. Strategic Reserve Asset?

The idea of the U.S. government holding XRP as part of a national reserve might…

April 22, 2025

Ripple News: XRP Futures Now Live on Coinbase, Is XRP ETF Next?

Coinbase Derivatives, LLC has launched CFTC-regulated futures contracts for XRP, adding to the growing list…

April 22, 2025

Big News: Pro-Crypto Paul Atkins Sworn In as SEC Chairman

In a huge development for the cryptocurrency industry, Paul Atkins has officially been sworn in…

April 22, 2025

Dogecoin Price Analysis: DOGE Faces Another Selloff as Altcoins Weakens Against Bitcoin

The wider crypto market may be attempting to follow the Gold price but the short-term…

April 22, 2025

Circle Payments Network Unveiled: Here is What You Need to Know

The Circle Payments Network will leverage regulated stablecoins led by USDC and EURC. The CPN…

April 22, 2025

Avalanche Card Unveiled: Will It Spark Bullish Momentum for AVAX?

The Avalanche ecosystem has grown significantly in the past year backed by institutional investors seeking…

April 22, 2025