Bitcoin Price Analysis: BTC Price Faces Correction to $50K

IconCryptoNewsTerminal Staff04 Jul, 2024

cryptonews.jpg

Bitcoin Price Analysis: BTC Price Faces Correction to $50K

Bitcoin (BTC) is currently facing a crucial support level at $58,400. If this support fails, BTC could correct to $50,000, according to a recent analysis by crypto analyst Skew. The daily BTC/USD chart shows the 200-day moving average (MA) sitting around $58,400. Price is currently below the MA for the first time in ten months. Failure to reclaim this area could lead to a liquidation cascade targeting the $50,000 value area. Traders will be watching the $58,400 support level closely. If it holds, BTC could continue its uptrend. However, if it breaks, a correction to $50,000 could be in the cards.