Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin News & Updates => Topic started by: Cristiano on May 07, 2021, 03:08:15 PM
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Bitcoin shot up from support established at $53,000. The approached to $60,000 was gradual but steady. Bulls took down several resistance levels, including the 100 Simple Moving Average (SMA), the 50 SMA, and the 200 SMA. However, an immense seller congestion zone at $58,000 became a hard nut to crack.
According to data by CoinGecko, the flagship cryptocurrency has lost 2.4% of its value in the last 24 hours. It has sustained a 4% growth in seven days but lost nearly 4% in the previous 30 days. Bitcoin’s trading volume across numerous platforms averaged at $66 billion and boasted of a $1 trillion market cap.
Bitcoin price correction could extend to $50,000
The bellwether cryptocurrency has corrected from the resistance at $58,000 and currently teeters at $55,630. Two tentative support levels have been lost, including the 200 SMA and the 50 SMA.
Note that the slightest resistance path appears to be downward based on the Moving Average Convergence Divergence (MACD) bearish impulse. The indicator is almost crossing into the negative region. Simultaneously, bearish pressure soar as the MACD line (blue) strikes under the signal line.
Sorce link (https://cryptonews.net/en/news/bitcoin/617938/)
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I am sure that with Bitcoin moving this way, we can not expect money from big firms to be moving to Bitcoin for the coming days because they must be expecting BTC to go down dramatically or the big dip and that can be the time to acquire more Bitcoin. This is not astounding since this same scenario happened to Bitcoin before. Eventually, the big dip can be the time for Bitcoin to gain more strength for another attempt beyond the $60K level.
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The next movement of Bitcoin is even better. It is likely to rise far above the support level. However, the resistance zone is currently considered risky by many investors. However, there is a tendency to go in good condition with wavelength.