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Bitcoin Technical Analysis Reasons and Consequences of the Drop

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These hard sales, which came in the process of wanting to strengthen in the 55.180-58.150 major support section below the 59.770 support, advanced to the level of 42.000 dollars.

As a result of the reaction buying near the support at the levels of 41,920,it shook itself up to the levels of 49,700. Currently, it is forcing itself to hold on the support of $ 46,800. If he can hold his own and manage, the return lights may start to come on.
The reasons for this sudden sharp fall; First of all, security issues related tocryptocurrencies that are frequently mentioned by the SEC and regulations to fix them may be the most prominent topic of the past week.

Bitcoin (BTC)
Bitcoin Analysis

After the statements made by the SEC, the announcement that Evergrande, one of China’s largest real estate companies, could no longer meet its financial obligations, created a ripple effect. It can be thought that the reason why this still has an effect is that a possible Evergrande bankruptcy has the possibility to negatively affect the global money markets.

The payments of the MTGOX exchange, which is said to be distributed since November, are also thought to cause the bearish effect on all these titles to become even harder.

According to the chart, assuming the 46,800 support holds, Bitcoin could test the $51,000 resistance first. If the 46.800 support is broken, it can say hello to the 41,920 support again. If the arrow continues upwards, after the 51.000 resistance is broken, an increase can be made up to the major resistance in the 55.180-58.150 region.

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