

Bitcoin (BTC) Could Suddenly Plummet in Value if This Key Level is Lost as Support, Crypto Analyst Says
In a new video update, crypto strategist Jason Pizzino tells his 332,000 YouTube subscribers that if Bitcoin falls below $53,500, there is cause for concern
Bitcoin (BTC) price has been rallying strongly over the last few weeks, but one closely followed crypto analyst says that the crypto king may be setting up for a sudden bearish pivot.
In a new video update, Pizzino says that if BTC price closes below $53,500, it could signal a bearish reversal in the making. The analyst adds that if Bitcoin manages to rally past the 50% Fibonacci level at $61,422, it could be setting up for another leg up.
“We’re still in a slightly stronger stance to then test the 50% level again [at $61,422). Is it going to be the bulls that take control, get above 50%? Or is it going to be the bears that take control and reject 50% again to close underneath that $53,500 level for BTC?
So as a recap, my view hasn’t changed on Bitcoin: the bull market support level hasn’t broken down… I’d be on high alert if Bitcoin broke from $53,000.”
Pizzino also notes that Bitcoin price action is likely to be volatile in the near term due to macroeconomic trends.
“Basically it’s a choppy market at this stage, on top of all the economic recession [concerns], interest rates, Japanese [yen] carry trade, stuff going on with the stock market – all that sort of uncertainty surrounding these markets.”
Finally, the analyst points out that the Fear and Greed Index, which measures market sentiment on a scale of 0 to 100, is indicating “extreme fear.” According to Pizzino, this could be a bullish sign as it may suggest that digital assets are being oversold.
“Bitcoin and crypto is extreme fear again, which I think is a good sign here, especially considering it wasn’t able to get up to the greed, so quickly.”
Bitcoin is trading at $59,662 at time of writing, up nearly 2% in the last 24 hours.
The above is the detailed content of Bitcoin (BTC) Could Suddenly Plummet in Value if This Key Level is Lost as Support, Crypto Analyst Says. For more information, please follow other related articles on the PHP Chinese website!

Hot AI Tools

Undresser.AI Undress
AI-powered app for creating realistic nude photos

AI Clothes Remover
Online AI tool for removing clothes from photos.

Undress AI Tool
Undress images for free

Clothoff.io
AI clothes remover

Video Face Swap
Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Article

Hot Tools

Notepad++7.3.1
Easy-to-use and free code editor

SublimeText3 Chinese version
Chinese version, very easy to use

Zend Studio 13.0.1
Powerful PHP integrated development environment

Dreamweaver CS6
Visual web development tools

SublimeText3 Mac version
God-level code editing software (SublimeText3)

Hot Topics











As Bitcoin, the largest cryptocurrency asset, continues to display bearish movement today, dropping from about $65,000 to $62,700, sellers appear to have

Bitcoin's (BTC) large holders have gradually reduced their coin holdings since the cryptocurrency reached a new high in March.

Bitcoin (BTC) is navigating a rocky path, with its price recently plummeting to $56,000 amid growing concerns about the U.S. economic landscape and anticipation of key employment data.


As tokenization and DeFi adoption rise, RXS is positioned to lead the charge. Rexas Finance is the user's gateway to the future of asset management.

Sports Dhamaka posted a video to describe which could be a better investment between Bitcoin (BTC) and Ripple (XRP). The analyst who made the presentation made his choice by considering price performances and what the cryptos stand for.

Bitcoin remains a dominant player. Recent whale activity indicates that major investors are increasing their stake in the asset.

A YouTube video from Crypto Tips, a YouTube channel, addressed why Bitcoin could struggle or even be bearish in September. The reasons are based on historical factors, price metrics, and political happenings.