{"id":606179,"date":"2024-05-02T18:00:09","date_gmt":"2024-05-02T18:00:09","guid":{"rendered":"https:\/\/wncen.com\/?p=606179"},"modified":"2024-06-11T06:59:33","modified_gmt":"2024-06-11T06:59:33","slug":"bitcoin-must-hold-above-51800","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-must-hold-above-51800\/","title":{"rendered":"Crypto Analyst Says Bitcoin Must Hold Above $51,800 As ETF Outflows Trigger Crash"},"content":{"rendered":"

The Bitcoin price continues to trend below $60,000<\/a> as a 20% decline triggered a brutal market-wide crash. This has exposed multiple critical support points for the cryptocurrency, some of which the price has already fallen below. In light of this, a crypto analyst known as Norok has revealed the level the BTC price must not fall below to maintain its bullish trend.<\/p>\n

Bitcoin Price Must Hold Above $51,800<\/h2>\n

In an analysis<\/a> posted on the TradingView website, crypto analyst Norok revealed that $51,800 is now the most important support level for Bitcoin. Norok pointed out that Bitcoin has since returned to its last support<\/a> level which was last seen in December 2023, making this a crucial support.<\/p>\n

In the meantime, the support that had been built up by bulls at the $62,000 level has since been broken by bears and has now been turned into resistance. Nevertheless, the crypto analyst does not believe that the Bitcoin price has turned bearish, despite the crash that has rocked the crypto market.<\/p>\n

For Norok to turn bearish, he stated that the BTC price<\/a> would have to break down below support at $51,800. According to him, such a move will invalidate whatever bullish thesis is in play for Bitcoin, ending the bullish trend of 2023-2024.<\/p>\n

\"Bitcoin<\/p>\n

Source: TradingView.com<\/pre>\n
In the short term, Norok identifies $56,900 as a level that bulls must hold. He explains that this could help to reinforce the current bullish trend. \u201cPrice must hold here at this Support and then it can recapture the cloud to resume to Bullish Trend,\u201d the crypto analyst said. \u201cThis is a highly decisive moment in Price action today.\u201d<\/p>\n
BTC Suffers As A Result Of ETF Outflows<\/h2>\n
One major driver of the Bitcoin price decline in the last few weeks has been a turn from inflows to outflows in Spot Bitcoin ETFs<\/a>. Since these ETFs require the issuers to hold BTC<\/a> to support the assets they are selling to investors, inflows are incredibly bullish as these issuers have taken to buying BTC to fulfill this requirement.<\/p>\n
However, with investors beginning to withdraw their funds, the reverse has been the case, leading to a high selling pressure in the market. Spot Bitcoin ETFs <\/a>have now recorded six consecutive trading days of outflows, reaching an all-time high outflow record $563.7 million on Wednesday, according to data<\/a> from Coinglass.<\/p>\n
\"Spot<\/p>\n
Source: Coinglass<\/pre>\n
If these outflows continue, then the BTC price<\/a> could continue to decline, and at the current rate, the pioneer cryptocurrency might be testing Norok\u2019s $51,800 soon enough. However, a turn toward inflows would mean issuers have to buy BTC and this can translate to a price recover.<\/p>\n
\"Bitcoin<\/p>\n
BTC price pushes to $59,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Kiplinger, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Bitcoin price continues to trend below $60,000 as a 20% decline triggered a brutal market-wide crash. This has exposed multiple critical support points for the cryptocurrency, some of which the price has already fallen below. In light of this, a crypto analyst known as Norok has revealed the level the BTC price must not fall below to maintain its bullish trend. Bitcoin Price Must Hold Above $51,800 In an analysis posted on the TradingView website, crypto analyst Norok revealed that $51,800 is now the most important support level for Bitcoin. Norok pointed out that Bitcoin has since returned to its last support level which was last seen in December 2023, making this a crucial support. In the meantime, the support that had been built up by bulls at the $62,000 level has since been broken by bears and has now been turned into resistance. Nevertheless, the crypto analyst does not believe that the Bitcoin price has turned bearish, despite the crash that has rocked the crypto market. For Norok to turn bearish, he stated that the BTC price would have to break down below support at $51,800. According to him, such a move will invalidate whatever bullish thesis is in play for Bitcoin, ending the bullish trend of 2023-2024. Source: TradingView.com In the short term, Norok identifies $56,900 as a level that bulls must hold. He explains that this could help to reinforce the current bullish trend. \u201cPrice must hold here at this Support and then it can recapture the cloud to resume to Bullish Trend,\u201d the crypto analyst said. \u201cThis is a highly decisive moment in Price action today.\u201d BTC Suffers As A Result Of ETF Outflows One major driver of the Bitcoin price decline in the last few weeks has been a turn from inflows to outflows in Spot Bitcoin ETFs. Since these ETFs require the issuers to hold BTC to support the assets they are selling to investors, inflows are incredibly bullish as these issuers have taken to buying BTC to fulfill this requirement. However, with investors beginning to withdraw their funds, the reverse has been the case, leading to a high selling pressure in the market. Spot Bitcoin ETFs have now recorded six consecutive trading days of outflows, reaching an all-time high outflow record $563.7 million on Wednesday, according to data from Coinglass. Source: Coinglass If these outflows continue, then the BTC price could continue to decline, and at the current rate, the pioneer cryptocurrency might be testing Norok\u2019s $51,800 soon enough. However, a turn toward inflows would mean issuers have to buy BTC and this can translate to a price recover. BTC price pushes to $59,000 | Source: BTCUSD on Tradingview.com Featured image from Kiplinger, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":606226,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-606179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nCrypto Analyst Says Bitcoin Must Hold Above $51,800 As ETF Outflows Trigger Crash<\/title>\n<meta name=\"description\" content=\"The Bitcoin price continues to trend below $60,000 as a 20% decline triggered a brutal market-wide crash, causing it to fall to $57,000.\" \/>\n<meta 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Analyst Says Bitcoin Must Hold Above $51,800 As ETF Outflows Trigger Crash","url":"http:\/\/wncen.com\/news\/bitcoin-must-hold-above-51800\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-must-hold-above-51800\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_6f1908.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_6f1908.jpeg?fit=3200%2C1800"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2024-05-02T18:00:09Z","datePublished":"2024-05-02T18:00:09Z","dateModified":"2024-06-11T06:59:33Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Analyst Says Bitcoin Must Hold Above $51,800 As ETF Outflows Trigger Crash\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-must-hold-above-51800\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-must-hold-above-51800\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Bitcoin_6f1908.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Bitcoin_6f1908.jpeg?fit=3200%2C1800\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-05-02T18:00:09Z\",\"datePublished\":\"2024-05-02T18:00:09Z\",\"dateModified\":\"2024-06-11T06:59:33Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_6f1908.jpeg?fit=3200%2C1800","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/606179"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=606179"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/606179\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/606226"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=606179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=606179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=606179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}