Bitcoin’s Downward Trend: Focus on Future Support Level

Bitcoin’s⁢ recent downward trend has sparked concerns about its future support level. The release of the US ⁢non-farm payrolls report on August 6th ⁣revealed a lower-than-expected increase in non-farm payrolls, leading to​ a significant downward revision of the July⁣ job increase figure. As a result, fears⁢ of a US‌ recession have resurfaced, putting pressure on risky assets like Bitcoin.

Market analysts⁤ are divided on the key support level ‍for Bitcoin. Alex ⁣Kupchikevich, an analyst at FXPro, believes that the current‍ important support level is‍ $54,000, with​ the possibility of a temporary fall‌ below $53,000 in the event of high⁤ volatility. CoinDesk, ⁣on the other hand, has analyzed that Bitcoin’s ​key support level is around $50,000.

Arthur Hayes, former CEO of BitMEX, has‍ predicted that Bitcoin​ will fall below $50,000 this weekend.‌ As of 11:14 am (New York time) on August 6th, ⁣Bitcoin was trading​ at $54,596, down 3.56% from the previous day. This downward trend‌ has ​been ongoing since its all-time high of $73,750.07 on ⁤March ‍14th.

Bitcoin’s price fluctuations have been closely tied to the performance of ⁤the New York stock market. Immediately after ‍the employment report was released, Bitcoin briefly rebounded to near $57,000, only to turn downward as the stock market ⁢fell again.

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