Bitcoin and Ether Plunge Amid Recession Fears

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Bitcoin and Ether Plunge Amid Recession Fears

1. Technical Analysis: Bitcoin

• Current Outlook:
  Bitcoin's price has dropped to the demand zone and may potentially break this level. However, the price is likely to consolidate between $52,790 and $49,450 until a breakout occurs.
  
  
• Bullish Scenario:
  If Bitcoin remains above $52,790, it could trend towards $56,880. Stability above $56,890 would confirm a bullish trend, targeting $59,940.
  
  
• Bearish Scenario:
  Stabilizing below $49,450 would target $43,300. A 4-hour candle close below this level would confirm a downtrend towards $37,800.
  
  
• Key Levels:
  - Pivot Line: $52,790
  - Resistance: $56,880, $59,950, $62,400
  - Support: $49,450, $43,300, $37,800
  
  
• Expected Range:
  Bitcoin is expected to move between $52,790 and $43,150.
  
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  2. Bitcoin and Ether Plunge to Multi-Month Lows Amid Recession Worries
  
  Bitcoin and ether plunged to multi-month lows on Monday as concerns over a potential U.S. recession, spurred by weak economic data, gripped financial markets and triggered a rush out of risky assets.
  
  This selloff marks a dramatic reversal from just days earlier when optimism, fueled by Republican presidential candidate Donald Trump's speech, pushed bitcoin above the $70,000 mark for the first time in over a month.
  
  Crypto markets have seen a boost this year after the U.S. Securities and Exchange Commission approved exchange-traded funds to track the spot prices of bitcoin and ether. However, more recently, these currencies have tumbled alongside global equities, as investors fear a looming U.S. recession, compounded by rising geopolitical concerns.
  
  Bitcoin has lost over a third of its value since hitting a record high in March. Its increasing correlation with equities has also undermined its reputation as a safe-haven asset.