Bitcoin, the king of cryptocurrencies, has once again fallen flat to the wrath of the bulls. The king coin fell below $50,000 as bullish sentiment in the market was absent. On the other hand, El Salvador bought 150 more BTC taking advantage of the current dip. On the other hand, considering the 2017 bull run, the correction is a ‘healthy’ indication.
Data from CoinMarketCap shows that Bitcoin opened Friday at $56.4K, reached a daily high of $57.6K, and fell to a daily low of $51.6K. The candle for Friday closed at $53.6K. On the other hand, the candle for Saturday opened at $53.6K, reached a high of $53.8K but, fell to a daily low of $42K. Current Bitcoin prices stand at $47.4K.
Another notable event occurred on Huobi Global, where BTC/USDT prices fell as low as $28801.87, as pointed out by Chinese journalist Colin Wu.
Wu further stated,
“The BTC/USDC trading pair in Huobi Global dropped to as low as $28801.87 when it fell sharply, showing insufficient depth.”
Bitcoin price analysis on the daily chart
The Bitcoin price analysis on the daily chart shows a bearish trend as Bitcoin fell by nearly 17% in the last 24 hours. This is a hard time for investors as widespread futures liquidations were witnessed. Wu called out the liquidation data:
“Binance shows that Bitcoin has fallen to a minimum of US$42,620, and Ethereum has fallen to a minimum of US$3,529. The amount of liquidation in one hour has exceeded US$1.1 billion.”
The above daily chart represents a strong bearish trend for Bitcoin. The RSI indicator on the daily chart remains bearish as the bulls were unable to push towards $60K, leading to a fall of Bitcoin in the bearish RSI zone.
On the other hand, the MACD indicator on the daily chart shows that the bullish divergence was prevented, and bearish movement was continued. However, the weekly divergence that wasn’t supposed to happen actually happened, and now, the bearish trend is confirmed on the weekly chart.
The prices might remain under the impression of bulls, for the time being, a situation similar to what happened in May when Bitcoin fell from $64K to below $29K in June.