Bitcoin price plunges to lowest level since February amid increasing downward pressure
Bitcoin (BTC/USD) is experiencing a downward trend as sellers test levels below the 200-day moving average, resulting in a break of the May low. The momentum continues to push this decline further, painting a bleak picture on the charts.
Some attribute this downturn to Mt. Gox flows, but in the volatile world of cryptocurrencies, anything is possible. Despite the negative sentiment, bullish investors maintain that these fluctuations are temporary and do not alter Bitcoin’s long-term outlook.
The chart tells a clear story of the current situation, revealing a bearish shift in Bitcoin’s trajectory. The next significant level to watch is $50,000, with the 61.8 Fib retracement point standing near $51,998, potentially offering some support during this decline.
As the sentiment sours, Ether (ETH/USD) is also on the brink of a breakdown, mirroring Bitcoin’s downward movement. The market conditions suggest a challenging period for these major cryptocurrencies as they navigate through the current volatility.
