BTC drops Below $50,000 As the Downtrend continues

The cryptocurrency space suffered huge losses over the weekend, with the prices of most coins falling by more than 5% over this period.

The broader cryptocurrency market has been on a bearish run in recent weeks. Bitcoin reached a new all-time high above the $69,000 mark in the early days of November. However, the leading cryptocurrency has since suffered losses.

Before this weekend, Bitcoin was trading just above the level of $55,000 per coin. However, BTC suffered huge losses over the weekend and is now trading below the $50,000 mark for the first time since October.

At the time of writing, BTC is trading at $48,820 per coin, which is a decrease of more than 30% from the all-time high of a few weeks ago. The price of the leading cryptocurrency has fallen by more than 10% in the last 24 hours and could record further losses before the end of the day.

Important levels at a glance

The BTC/USD 4-hour chart is one of the most bearish among the top ten cryptocurrencies by market capitalization. Over the past 24 hours, BTC has lost more than 10% of its value, making it one of the top losers.

The RSI has fallen towards the 52 mark, which indicates that it is moving towards the oversold area. The MACD line remains below the neutral zone, which shows that the bears are currently in control of the market.

If the current market trend continues, BTC will be forced to defend its first major support level at $ 46,781. In the event of a prolonged bearish performance, BTC could fall below the $45,000 mark for the first time since August. The resistance level at $ 43,809 should limit further downward movements in the short term.

However, if the bulls regain control of the market, BTC could recover beyond the $50,000 mark and reach the first major resistance mark at $50,371. A continued bullish performance of BTC and the broader cryptocurrency market could lead to a rally to the level of $54,000 in the short term.

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