BTC/USD Collapses on Monday Amid Fresh US Recession Fears and Escalating Geopolitical Tensions

BTC/USD plunged sharply during the Asian session on Monday, dropping by 10.7% and falling below the psychological 50K level for the first time since mid-February, reaching a new multi-month low.

Mounting fears of a potential US recession and an overheated geopolitical situation have dampened risk sentiment, triggering a fresh selloff in global stocks and cryptocurrencies.

This new wave of weakness breached pivotal support levels at 51,529 and 50,000 (38.2% Fibonacci retracement of the 15,437 to 73,839 rise / psychological level), generating a strong bearish signal that needs confirmation with a daily close below these levels.

If confirmed, bitcoin’s price may fall to the 45K zone. However, a period of consolidation or a limited correction after such heavy losses (with daily studies indicating oversold conditions) is likely to occur before a fresh push lower.

Any upticks should be capped below the 57K zone (around the 38.2% retracement of the 70,035 to 48,738 decline) to mark a healthy correction and maintain the bearish outlook.

Res: 53764; 54251; 56871; 59116
Sup: 51529; 50000; 48738; 45000