Trader flags Bitcoin support level after drop below $50,000

A practicing trader and founder of the Crypto Mentors project, Nikita Semov, explains the current market situation.

Bitcoin has fallen roughly 5% from its local high. We examine what’s behind this move, which levels to watch for further declines, and where Bitcoin could be bought with a view to further upside.

Notably, the price of the leading cryptocurrency elicited selling activity from the $53,000 level. This reflects that the price entered a Low Volume Node—a zone with minimal traded volume from the left side. A void has formed, to which quotes are currently responding.

The main expectation from such formations: testing nearby support levels and the resumption of the selling momentum. It should not be forgotten that the uptrend remains intact, and corrections within the trend are natural and logical.

Support levels stand at $50,000 and $49,000.

Strong resistance levels from which a subsequent wave of selling is likely are $54,850 and $57,000.

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