Bitcoin slipped below the $50,000 support early on Monday as stock markets around the world tumbled and bonds rallied amidst recession fears. The crypto market noted $1.06 billion in liquidations in the past 24 hours, per Coinglass data. Bitcoin crashed alongside US stocks even as the 30-day Pearson correlation with the Nasdaq composite and S&P 500 is negative. Bitcoin could extend losses by another 12% and sweep liquidity below $47,000 before beginning a recovery.
Bitcoin could extend its losses further Bitcoin’s price dipped under $50,000, a key psychological support level for the largest cryptocurrency by market capitalization. BTC could extend its losses by nearly 10% and sweep liquidity in the Fair Value Gap between $45,614 and $46,800. Bitcoin could sweep liquidity at $46,207 before beginning a recovery rally. The Relative Strength Index indicator reads 24.76, as BTC is currently in the “oversold” zone.
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