In a recent Bitcoin price prediction, fund manager Andrew Kang issued a warning about a potential May 2021-style crash due to the market’s vulnerability from a prolonged trading range and high levels of crypto leverage. If Bitcoin breaks below this range, prices could drop significantly to the $40,000s, mirroring the 2021 correction.
Bitcoin recently fell below $54,000 as Mt. Gox transferred $2.7 billion worth of BTC to a new address in preparation for a $9 billion repayment to creditors. This caused market anxiety, leading to a 12% drop in Bitcoin over the past week, with 7.5% of the decline in the last 24 hours. Ethereum and Binance Coin also experienced declines.
The weakening US dollar and anticipated Federal Reserve rate cuts are affecting Bitcoin, making it more attractive as an alternative asset. The USD’s decline supports the crypto market, with market sensitivity to large movements highlighted by recent fluctuations. Traders are closely watching the US Non-Farm Payrolls report for insights into the economy’s health and potential Fed rate decisions.
Currently, Bitcoin is trading at $53,980, down 4.62%, with immediate resistance levels at $57,090, $58,510, and $60,220. Immediate support is at $53,140, with the RSI indicating extremely oversold conditions. The 50-day EMA is at $60,510, suggesting a bearish trend unless prices break above $55,180 to signal a shift to bullish momentum.
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