Why Bitcoin (BTC) Price Has Dropped And What Does Technical Analysis Show?

Bitcoin’s (BTC) price saw a sudden drop to $ 52,000 today in the morning. Bitcoin changed hands at the level of 50,000, especially in stock exchanges where Asian investors are active. Although not certain, it is stated that the sales are experienced in Asia-based transactions.

It seems that the US Treasury Department will penalize some cryptocurrency organizations for being an intermediary for money laundering. After these allegations, Bitcoin sales started to increase sharply. After the hard sales, the Bitcoin price declined to $ 50,000. With the reaction purchases that followed the shock experienced in BTC, it managed to rise above $ 55,000 again.

What Does Bitcoin Technical Analysis Show?

Despite the break of the resistance in the 59.500-57.900 region, the BTC price, which could not hold above this region, fell to the level of 51.000, causing a great shock. The eyes were turned back to 59,500 for BTC, which showed signs of recovery, powered by the trend support followed since December. The fact that it has a horizontal view in the price range of 49,800-59,500 for a long time may make us ignore the possibilities of a BEAR market from this perspective.

On the other hand, if the 49.800 support is broken. There are support zones at the levels of 42.900 and 30.500, respectively. For Bitcoin, which is likely to start a new upward trend if the daily closing occurs above 55,500. The breakdown of the 59,500 levels after 55,500 is also important for Bitcoin. What will happen to Bitcoin?