With Bitcoin Under $57K, When Will Crypto Go Back Up?
The post With Bitcoin Under $57K, When Will Crypto Go Back Up? appeared first on Coinpedia Fintech News
With a massive correction phase in the crypto and US markets, the bears are gaining momentum. Breaking below crucial supports, the altcoins and Bitcoin are struggling in a market freefall.
As the long-side liquidations in the crypto market surged to $170 million, the US stock market lost $1.05 trillion on Tuesday. Amid such conditions, will the bulls manage to bounce back? Let’s find out.
Crucial Level For BitcoinIn the 4-hour chart, the Bitcoin price shows a declining trend, with the 50 EMA acting as the dynamic resistance. The falling channel breaks under the $57,500 support zone but reveals a long-tail candle. Hence, the underlying demand for the BTC is visible near the $55,647 level or the 23.60% Fibonacci level.
With a bullish divergence in the RSI line, the bulls are preparing for a recovery run and to resurface above the $57,500 zone. However, the 50 EMA at the $59,0773 mark can lead to a high supply attack for a reversal.
Currently, the BTC crypto price is at $56,736, with an intraday drop of 1.31%.
Santiment reports a striking correlation between the S&P 500 and Bitcoin prices. Compared to the previous fall of 3% in the S&P 500 in August, when BTC crypto price declined 7.12%, the recent correction of 2.16% in the S&P 500 led to just a 1.82% fall in Bitcoin.
