Bitcoin Black Monday: BTC Losses $53,000, Time for More Pain?
Bitcoin is under pressure, dropping 25% from July peaks. At this pace, BTC may crash to $40,000 or January 2025 lows
Bitcoin is down, slipping below $53,000 in a move that crashed bulls. As things stand, sellers have the upper hand, and if they press on, the coin could drop to January 2024 lows. Technically, the coin is under immense pressure after slipping below a multi-month support level earlier today. The uptrend momentum is over for now as sellers take over in a bear breakout formation.
As it is, Bitcoin is down 26% from the July peaks and is under immense selling pressure. Following today’s losses, sellers are in control, and the coin may continue contracting. From trackers, Bitcoin is down 25% in the past week as trading volume rises to over $69 billion. Â
The following Bitcoin news developments are worth tracking:
- Even though Bitcoin is down at spot rates, it remains one of the best-performing assets in the world. Data shows that even as it is, BTC only trails Nvidia.
- Amid the crypto sell-off, Bitcoin whales, on-chain data shows, are accumulating, taking advantage of the low prices. So far, there are clear buying walls for stablecoin and Bitcoin pairs, which is a net positive for the coin.
Bitcoin Price Analysis
The Bitcoin uptrend, from a top-down preview, is over after today’s losses.
So far, BTC/USD is under immense selling pressure, dropping by over 25% from the past trading week.
The breakout below $53,500 is crucial. It marks the first time in over three months that prices have broken below this support level.
Considering the current state of affairs, sellers might look to unload on every attempt higher, targeting $40,000 or January 2024 lows.
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