Bitcoin tumbled below the $60k support zone and sailed right through the $56k Fibonacci level, racing toward the $50k mark.
News of Japan’s rate hike raised fears of a repeat of the 2008 market crash, and likely catalyzed the recent losseswas down 24% in a week, falling from $70k to $53.1k since the 29th of July, as the bulls were
The largest of them was a $27 million BTC/USD long position on Huobi. Panic well and truly gripped the market, and investors might want to wait for the muddy waters to settle a bit before buying.raised fears of a repeat of the 2008 market crash. This news likely catalyzed, but isn’t wholly responsible, for the recent losses.The New York trading session could reinforce the selling pressure and drive prices lower. The CMF was at -0.14 to signal significant capital outflow.The 78.
In early July, the $54k liquidity pocket saw Bitcoin sweep the zone and then embark on a bullish reversal. Investors would be hoping that a similar scenario occurs at $50k.Bitcoin has been through worse in the past and still found a way to recover, investors would be praying. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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