Key Highlights
- Bitcoin price declined over 20% and even crashed below $50,000.
- BTC traded below a key bullish trend line with support at $67,500 on the 4-hour chart.
- USD/JPY tumbled and declined below the 145.00 support.
- Oil prices declined further and traded below $74.20.
Bitcoin Price Technical Analysis
Bitcoin price started a fresh decline after it failed to stay above $65,000. BTC/USD traded below the $63,500 and $62,000 support levels to enter a bearish zone.
Looking at the 4-hour chart, the price settled below the $60,000 level, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours). It seems like the increased prospect of a U.S. economic downturn and bigger rate cuts from the Federal Reserve caused major moves in stocks and cryptocurrencies.
The Japanese yen rallied to seven-month highs as USD/JPY declined below the 145.00 support. Looking at Bitcoin, the bears took control and pushed the price below the $50,000 level.
It has been down over 20% in the past few days and still signaling more downsides. Immediate support is near the $48,500 level. The next key support sits at $46,000.
A downside break below $46,000 might send Bitcoin toward the $45,000 support. Any more losses might send the price toward the $52,500 support zone.
On the upside, the price might struggle to clear the $53,500 resistance. A successful close above $53,500 might start another steady increase. In the stated case, the price may perhaps rise toward the $55,000 level.
Looking at USD/JPY, the pair declined heavily below the 146.50 and 145.00 levels. The next major support sits at 140.00.
Today’s Economic Releases
- US Goods and Services Trade Balance for June 2024 – Forecast $-72.4B, versus $-75.1B previous.
