Bitcoin (BTC) Price Analysis & Prediction: BTC/USD Tests $54000 Support After $50M Liquidations

Bitcoin experienced a sharp price fluctuation, first rising to $57,000 and then dropping below $55,000 after the release of the U.S. jobs report

Bitcoin price dropped below the critical support zone at $55,000 following the release of the U.S. jobs report on Friday, triggering volatility in the crypto market. This sudden price swing resulted in nearly $50 million in liquidations within an hour.

After rising to $57,000 earlier in the day, Bitcoin experienced a rapid decline, falling below $55,000. This sharp price fluctuation was attributed to the公布jobs report, which showed a smaller-than-expected increase in jobs.

The price drop caused anxiety among traders, as Bitcoin now risks losing the critical support level at $54,000. However, according to analyst Josh of Crypto World, the price may consolidate around the $55,000 to $57,000 support zone before making a decisive move.

“If support holds, we can expect a relief rally toward higher resistance levels, but breaking these will be challenging without stronger bullish momentum.”

Bitcoin faces several resistance levels at $59,500, $60,000 to $61,000, $62,900, and a massive resistance around $64,500. If the price fails to break through these levels, it may get rejected and resume the downward trend.

On the other hand, should Bitcoin drop below the critical support at $56,000, the next major support level would be around $54,000. At the time of writing, Bitcoin is trading at $54,000 levels and seems unlikely to lose this critical level anytime soon.

According to the Bitcoin liquidation heat map, recent price action has been choppy, with the market moving sideways. There is liquidity building around $55,000, which could influence price movement.

However, the most critical area of liquidity lies between $59,800 and $60,000, marking a major zone of interest for traders.

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