Bitcoin price failed to stay above the $50,000 support zone. As a result, there was a sharp bearish reaction and BTC settled below the $50,000 pivot level.
There was a break below a major rising channel with support near $49,400 on the hourly chart of the BTC/USD pair. The pair even broke the $47,000 support level and settled well below the 100 hourly simple moving average.
A low was formed near $45,759 and the price is now correcting losses. Bitcoin price is now trading near the 23.6% Fib retracement level of the downward move from the $50,788 swing high to $45,759 low. An immediate resistance on the upside is near the $47,400 level.

MyCryptoWallet, an Australian exchange claiming to be the first to offer zero fees trading, has collapsed and gone into liquidation. This has left some users with a sinking feeling after being have been unable to access their accounts to withdraw their investments.

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