BTC/USD outlook: Collapses on Monday on fresh US recession fears/worsening geopolitics
|BTC/USD
BTCUSD accelerated sharply lower in Asian session on Monday (down 10.7%) and broke below psychological 50K level for the first time since mid-February, to hit new multi-month low.
Growing fears that US recession could on the horizon, along with overheated geopolitical situation, soured risk sentiment and sparked fresh selloff in global stocks and cryptos.
Fresh weakness breached pivotal supports at 51529 and 50000 (Fibo 38.2% of 15437/73839 / psychological) generating strong bearish signal which needs to be confirmed on daily close below this levels.
In such scenario, the bitcoin price may fall to 45 K zone, but consolidation / limited correction after heavy losses (daily studies are oversold), likely to precede fresh push lower.
Upticks should be capped under 57K zone (around 38.2% retracement of 70035/48738 bear-leg) to mark a healthy correction and keep bears in play.
Res: 53764; 54251; 56871; 59116.
Sup: 51529; 50000; 48738; 45000.
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