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Market analysis： Bitcoin Price May Be in Peril After Losses Reshape Technical Landscape
BITCOIN (BTC/USD) PRICE OUTLOOK:
Bitcoin appears vulnerable to further losses after massive losses broke key technical support
BTC/USD will look to recoup lost ground and hold above crucial support at $30,000
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BITCOIN PRICE MAY BE IN PERIL AFTER LOSSES RESHAPE TECHNICAL LANDSCAPE
Bitcoin may be vulnerable to further losses and volatility as risk appetite waned and cryptocurrency sentiment soured throughout the week. Price action has seen BTC/USD crater beneath multiple levels of support as corporations walked back their adoption plans and major exchanges had outages. The series of fundamental headwinds highlight the relatively young state of the cryptocurrency market and the immense volatility that can follow in times of uncertainty.
While Bitcoin is no stranger to volatility, months of gains have seen much of that volatility limited to the upside. Crypto bulls faced a rude awakening this week, however, as Bitcoin pierced major support around the $46,750 and $43,000 levels. The rout gained steam with each break beneath support and BTC/USD plummeted to a lifeline at $30,000 before leveling off and retracing higher.
BITCOIN (BTC/USD) PRICE CHART: 4 - HOUR TIME FRAME (JANUARY 2021 – MAY 2021)
