Bitcoin Technical Analysis: $50,000 Support Under Siege as Bearish Trends Persist
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Bitcoin's price dipped to $49,647, its lowest in five months, on Monday, Aug. 5 at 2:25 a.m. EDT. The decline is attributed to growing concerns about an impending recession. Japan's Nikkei saw its steepest daily drop since 'Black Monday' in 1987, while futures for the Dow, Nasdaq, and S&P 500 also indicated market corrections.
Investors are worried about potential economic downturns affecting global markets, adding to the bearish trends persisting in the cryptocurrency sector. Bitcoin's $50,000 support level is under siege, reflecting broader financial market anxieties.
Source: news.bitcoin.com ↗
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