Bitcoin fell below the $80,000 level closely watched Sunday evening, causing a sharp drop in futures on US stock index amid intense worry about the impact of tariffs.
The 50-day MA crossed beneath the 200-day MA and formed the ominous cross of death, a chart pattern warning of further sales.
Investors will need to watch key support levels near $74,000, $65,000 and $57,000, and monitor key fictional areas near $87,000.
Bitcoin (btcusd) It fell sharply below the $80,000 level that was closely watched Sunday evening, and it dropped US stock index futures amid intense worry about the impact of tariffs.
Pioneer’s cryptocurrency rose 5% to around $79,000, up 5% to 5%, following a recent announcement by market participants after China’s recent swept tariffs with retaliation obligations raised concerns about a global trade war.
Bitcoin also continues to face sales pressure from liquidation. This is an event where price drops force traders to lose their bullish bets on cryptocurrency. Bitcoin has undergone a long liquidation of $250 million in the last 24 hours, according to Coinglass, a Crypto Analytics site. This is the best since March 7th. Bitcoin has fallen 15% in 15% years, after more than doubled last year in hopes of overtaking regulations.
Below we take a closer look at the Bitcoin chart and apply technical analysis to identify key pricing levels worth noting amid the tariff-driven global market sales defeat.
After falling below the 200-day moving average (MA) last month, Bitcoin prices have been consolidated within the rising wedge, falling below the bearish pattern in late March, indicating a low ongoing movement.
In fact, cryptocurrency prices continue to be on a downtrend, with the decline accelerated on Sunday evenings after a short period of sideways. It is also worth pointing out that the 50-day MA crossed beneath the 200-day MA and formed the ominous cross of death, a chart pattern warning of further sales.
Identify three key support levels on your Bitcoin chart that investors may be watching, and find key overhead areas with your eyes during your cryptocurrency price recovery efforts.
The breakdown below last month’s low could potentially shift to around $74,000. The area on the Bitcoin chart could provide support near a few months’ trendline that links last year’s prominent March peak with the late October highs that fueled breakouts in the November election.
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