Yesterday, buyers were unable to gain a foothold above the two-hour EMA55, and Bitcoin (BTC) prices continued to fall. In the evening, the bears broke through the $53,400 support level, and finally, the currency pair fell back to the level of $51,600.
The selling pressure eased tonight, and in the morning, the price was consolidating within a narrow range within the support zone of $51,600. If buyers can seize the initiative, they will try to restore the currency pair to the level of $53,400. However, it will be impossible to gain a foothold above this level in small-volume transactions.
If the bearish shock intensifies, it may break the psychological level of $50,000 and pull back to the $49,500 area.
As of press time, the Bitcoin transaction price was $53,770.