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Bitcoin and Ether Plunge Amid Recession Fears

Bitcoin and Ether Plunge Amid Recession Fears

1. Technical Analysis: Bitcoin

Current Outlook:
Bitcoin's price has dropped to the demand zone and may potentially break this level. However, the price is likely to consolidate between $52,790 and $49,450 until a breakout occurs.
Bullish Scenario:
If Bitcoin remains above $52,790, it could trend towards $56,880. Stability above $56,890 would confirm a bullish trend, targeting $59,940.
Bearish Scenario:
Stabilizing below $49,450 would target $43,300. A 4-hour candle close below this level would confirm a downtrend towards $37,800.
Key Levels:
- Pivot Line: $52,790
- Resistance: $56,880, $59,950, $62,400
- Support: $49,450, $43,300, $37,800
Expected Range:
Bitcoin is expected to move between $52,790 and $43,150.

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2. Bitcoin and Ether Plunge to Multi-Month Lows Amid Recession Worries

Bitcoin and ether plunged to multi-month lows on Monday as concerns over a potential U.S. recession, spurred by weak economic data, gripped financial markets and triggered a rush out of risky assets.

This selloff marks a dramatic reversal from just days earlier when optimism, fueled by Republican presidential candidate Donald Trump's speech, pushed bitcoin above the $70,000 mark for the first time in over a month.

Crypto markets have seen a boost this year after the U.S. Securities and Exchange Commission approved exchange-traded funds to track the spot prices of bitcoin and ether. However, more recently, these currencies have tumbled alongside global equities, as investors fear a looming U.S. recession, compounded by rising geopolitical concerns.

Bitcoin has lost over a third of its value since hitting a record high in March. Its increasing correlation with equities has also undermined its reputation as a safe-haven asset.

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