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Bitcoin could fall to $50K, a key time for investor caution.

With the price of cryptocurrency giant Bitcoin (BTC/USD) dipping below the $60,000 mark at one point this week, experts are warning that the price could fall further from current levels. Bitcoin is currently hovering around $60,000, which is about 17% lower than the $73,797.68 it hit in March. However, chart analysts do not see any buy signals and believe that the price could fall further from the current levels.

"The correction since March has continued and trading below the 50-day moving average at $66,000 is under pressure," said Oppenheimer analyst Ari Wald. "There are key support levels from the 200-day moving average at $57,000 to the May lows at $56,500, which a break below could be devastating."

Bitcoin has been stuck in a narrow range between $60,000 and $70,000 since its all-time high in mid-March. It is currently suffering from a lack of near-term catalysts, low demand for Bitcoin exchange-traded funds, and miners selling Bitcoin. The Wald analyst added that if Bitcoin fails to hold $57,000, $49,000 would be the next major downside level. David Keller, chief market strategist at Stockchart.com, also said that the next downside support for bitcoin is around $58,000, with the possibility of a drop to between $50,000 and $52,000. "Buyers are coming in around $60,000," he said, "so it's reasonable to expect bitcoin to bounce higher once again."

R.J. O'Brien's Tom Fitzpatrick sees key support for Bitcoin at $56,527 and confirms the possibility of a double top neckline, a bearish M-shaped chart, "signaling a decline of at least 22% and possibly as much as 29% below." "Until the double top neckline is broken, the 200-day moving average will remain elevated as it always follows the trend," he said, adding that the bullish move in the Nasdaq 100 index also suggests risk appetite remains positive.

Crypto 'Fear-Greed Index' at 49...moving to neutral

Crypto data provider Alternative's self-estimated “Fear-Greed Index” rose four points from the previous day to 49. The improvement in sentiment moved the index from fear to neutral. The index indicates extreme fear in the market when it is close to zero, and extreme optimism when it is close

blockchain crypto cryptocurrency fear greed index 26 btc 55K (SpotedCrypto)

Crypto 'Fear-Greed Index' 26...Fear Continues , CME BTC Futures Gap $870

Crypto data provider Alternative's self-estimated “Fear-Greed Index” fell three points from the previous day to 26. The fear phase continues with a slight contraction in confidence. The index indicates extreme fear in the market, with readings closer to zero indicating extreme fear, and readings closer to 100 indicating

blockchain crypto cryptocurrency bitcoin reclaim 62K we wish (Spoted Crypto)

Bitcoin supports $60K, break of $62K will change the trend and close nearly $700M worth of shorts

Wall Street takes a breather ahead of Fed Chair Jerome Powell's speech at the Jackson Hole meeting. Bitcoin held the $60,000 level in the New York market on Dec. 22 (local time). Cointelegraph reported that the $60,000 support level held firm, supported by inflows into ETFs.

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