Bitcoin Technical Analysis Report | 5th August 2024
On August 5th, Bitcoins price plummeted to $52,500, experiencing a sudden 10% drop from $58,350 in under two hours. This marks the first time BTC has dipped below $53,000 since February 26th, following a rally spurred by the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States. This sharp decline has led to the liquidation of over $740 million in leveraged positions across the crypto market within the past 24 hours, including more than $644 million in long positions. Various market analysts attribute the recent upheaval to weak U.S. jobs data, slowed growth among leading tech companies, and concerns about mass selling by crypto trading firm Jump Crypto.
At the time of writing, BTC was trading at $51,224.
Bitcoin surged almost by 31% from $53,485 to $70,079. However, the bulls failed to manage their grip on the asset and the prices witnessed a sharp correction. The asset has struggled to sustain above $70k in the past and this time too there was a selling pressure around this level. BTC fell almost by 25% from the recent high of $70,079 and the prices dropped to $52,300. The asset has a strong support zone from $52,500 to $50,000. If it holds and sustains above the support then we can expect a relief rally.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $48,000 | $52,500 | BTC | $56,000 | $60,000 |
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