With the FED interest rate decision expected today, the market turned bearish, and Bitcoin crashed by over 5% within a few hours. Let’s examine three different technical indicators that may provide important insights into why the market is currently making new local lows.
Key Support levels: $52,000, $48,500
Key Resistance levels: $57,500, $63,800
1. BTC Price Breaks Key Support
Since April, Bitcoin has been making lower lows, which confirms a bearish trend, at least in a short to medium timeframe. Unfortunately, this did not change in May, as the month started with a new low. BTC just dropped under $57K, and in the process, it broke the support at $58K.
Chart by TradingView
2. Momentum Remains Bearish
Bitcoin reconfirmed the downtrend with today’s price action. Bears have full control as the price appears in a free fall. If this correction continues for another month, then the price can revisit $52K or even $48K, which are the next key levels of support.
Chart by TradingView
3. We
We współpracy z: https://cryptopotato.com/the-reasons-btc-price-plunged-to-57k-today/
