Bitcoin collapses at $50,000, with key support at $55,000

Following Bitcoin's collapse from $58,000 to $57,000, an analysis has emerged suggesting that the first support level is at $55,000, News 1 reported.
As the possibility of a US recession increases, risk asset preference declines, and geopolitical crises such as rising tensions in the Middle East are on the rise, Bitcoin is set to become even more popular.
Experts believe a decline is possible, with chart analysts unanimously agreeing that the first support level is at $55,000, cryptocurrency media outlet CoinDesk reported on the 5th.
Bitcoin collapses below $57,000: On this day, Bitcoin plummeted by more than 6%, collapsing below $57,000. As of 9:40 a.m. on the 5th, the global coin market relay site
On CoinMarketCap, Bitcoin is trading at $56,724, down 6.59% from 24 hours ago.
However, around 3 a.m. on the same day, Bitcoin plummeted by more than 5%, to 58,000.
The 58,000 dollar line also collapsed. This is the first time since July 13 that the Bitcoin 58,000 dollar line has collapsed. Bitcoin's price trend for the day. It fell sharply around 3:00 a.m.
CoinMarketCap Group Bitcoin price trend for one day. It dropped sharply around 3am. - CoinMarketCap List
The previous day, Bitcoin collapsed below $60,000, and the price has been on a downward trend every day.
US recession fears + Genesis volume bomb: First of all, this is thought to be due to the simultaneous decline in US capital markets, with the US stock market also plummeting due to recent recession fears.
Not only that, but the Genesis volume bomb also appears to have played a role in Bitcoin's decline. According to CoinDesk, a company in collaboration with bankrupt Genesis Trading
From the wallet, 16,600 bitcoins (approximately $1.1 billion) and 166,300 ethereum (approximately $521 million) were transferred to other accounts. This is in part due to creditors.
This is believed to be due to repayment of debt. A large amount of cryptocurrency has been leaked onto the market. This is due to the US government releasing about 28,000 bitcoins that it had seized onto the market, the Mt. Gok
This is another sell bomb following the return of 33,960 Bitcoins to debtors by Yahoo!. First Support at $55,000: This has caused the market to focus on Bitcoin’s support level.
CoinDesk, citing chart analysts, reported that the first support level will be at the $55,000 level. Meanwhile, if Bitcoin falls sharply, other coins, including the second-largest cryptocurrency by market capitalization, will also fall.
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