Breaking: Bitcoin dives below $5,000 amid growing selling pressure

Tanya Abrosimova Independent Analyst

The cryptocurrency market is wild again. Bitcoin (BTC) dived below $5,000 and touched $4,898 low during Asian trading hours before recovering to $5,000 by press time. The first digital coin has lost over 6% since the beginning of the day amid massive sell-off across the board.

BTC/USD is trading with the short-term bearish bias amid expanding volatility. From the technical point of view, the critical short-term barrier is created by a confluence of SMAs on the 15-min chart at $5,300. Once it is out of the way, the upside is likely to gain traction with the next focus on $5,000.

However, a failure to develop an upside recovery will push the price back below $5,000 towards the above-said intraday low of $4,898. The next support comes at $4,600 (Pivot Point 1-day Support 2).

BTC/USD 15-min chart

Author

Tanya Abrosimova

Independent Analyst

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