Bitcoin Price Plummets Below Key Moving Averages Amidst Bearish Trend

Bitcoin's price has plummeted to $60,686.72, erasing all gains made since Trump's reelection and surpassing its previous lows. This decline is a clear indication of a sustained bearish trend structure, as confirmed by the cryptocurrency's price sitting below both its 50-day moving average (EMA50) at $66,758.17 and its 200-day moving average (EMA200) at $73,453.09.

The momentum indicators are also pointing to oversold territory, with the Relative Strength Index (RSI) at 27.45. Meanwhile, the Moving Average Convergence Divergence (MACD) has registered a bullish golden cross at -2,146.83, hinting at possible short-term relief for Bitcoin's price.

However, any potential bounce is likely to be capped by the upper resistance level of $66,140.6 before fresh downside tests resume. As such, traders are now revising their crypto market crash scenarios based on this technical confluence.