About three days ago, many people thought that the Bitcoin market was recovering from the decline. However, the indicators suggest a possible decline. Accordingly, investors are advised not to “buy a dip” for the next 72 hours. As expected, BTC is now back in the USD 58,000 region and the relevant question at this point is when?
BTC 1 Day Price Chart | Source: Tradingview
Bitcoin come back $ 50,000?
Surprisingly, BTC is down 15.24% in the last 10 days and 11.1% in the last 3 days. Although the daily chart shows a green candle at the time of analysis, investors should not expect the price to stop.
The indicators are still falling. In fact, the Awesome Oscillator got “bearish” today when the sliders fell below the neutral line for the first time in 1.5 months.
OLDangryBitcoin Price Quotes | Source: Tradingview
At the time of this writing, the MACD is showing that the bearish momentum is intensifying. In addition, the indicator is now at its lowest level in a bearish zone for the first time in 6 months since May. SAR points that stay above the candles show that the downtrend is active.
Another reason the price keeps falling is because of the consistent liquidation orders from investors, with long liquidations hitting $ 533 in 3 days.
Bitcoin liquidation | The source: Coinlyze
With the drop in prices, whales also got active, doing $ 7.4 billion in deals. This is the largest move by bitcoin whales the market has seen since December 2017.
Move of Bitcoin whale | The source: mood
Of the 50.1,000 contracts signed on Nov. expire, 30,000 is still bullish when BTC hits $ 64,000 or more. The remaining 20,000 put contracts will be used for $ 50,000.
Looking at the probability metric, there is an 87% chance that BTC will return to $ 50,000, while there is only a 13% chance that the price will rise above $ 64,000.
The probability that Bitcoin will drop to 50. sinks.000 Dollar is now 87% | The source: Crookedness
On the flip side, the probability is sloping towards the $ 50,000 mark, but the market can still save BTC from the previous downtrend.
At current prices, Bitcoin only needs to drop 10% to return to the $ 50,000 threshold. If this scenario occurs, maybe not for the next 7 days. Otherwise the market will recover.
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According to AMBCrypto