Bitcoin Under $50,000? These Two Feared August Events Could Trigger It
Bitcoin Under $50,000? These Two Feared August Events Could Trigger It
Warsh gives his first Jackson Hole speech as chair this month, and a market still hoping for relief is exposed to disappointment. That sets up the price chart as the decider.
Bitcoin Price Levels to Watch Before Friday's Jobs Report
The first line buyers need to defend sits at $61,080. A clean loss of that level would expose $59,500, the last support before the pattern's neckline.
The neckline runs through the $57,750 to $57,470 zone. A daily close below it would confirm the double top and open a measured move of roughly 14%, which points toward the sub-$50,000 region near $49,700. The 14% drop potential is in line with August 2022's drop size.
The setup is not confirmed yet. A double top only completes on a neckline break, so a hold above $61,080 keeps the range alive. A reclaim of the $66,930 to $67,230 ceiling that capped both peaks would invalidate the bearish Bitcoin price outlook entirely.
For now, the structure and on-chain flows lean the same way into a hostile macro week. The $57,750 neckline separates a routine August pullback from a 14% slide toward $50,000.
This article has been published in beincrypto.com via Yahoo News.
Bitcoin Under $50,000? These Two Feared August Events Could Trigger It
Bitcoin price is rolling over near $64,000 as whales and holders sell, with a weak jobs report and hawkish Fed risking a drop under $50,000.
finance.yahoo.com
