BTCUSD Chart Technical Outlook tumbles on the “sell-everything” mood, bears target $54,532
The autumn season has begun with falls in markets – with everything from tech stocks to oil and also cryptocurrencies suffering drops. Fears of a worse US downturn were the trigger, but markets had been riding high in the summer and there is room for a correction.
Bitcoin is not immune to such a market mood. BTC/USD failed to break above the 50 and 200 4h-SMAs around 59,878, and it tumbled below support at $57,198. The next support line is at $54,532, and then, far below, $49,619. Resistance is at $57,198 and $59,878. I expect the gloomy mood to continue today.
