Bitcoin news

Bitcoin holds $ 30.000 but the scenario is bearish

Bitcoin It stabilized at the support level of $ 30.000. For over a week now, Bitcoin has been trading close to its immediate support level and in the last week alone, Bitcoin has lost almost 6% of its value (in the last 24 hours it has fallen by 3%). The past week has been extremely eventful for Bitcoin and also for the altcoin due to continued market weakness. The coin plummeted to a low of $ 25.000, the last time BTC traded at this price level was in December 2020.

Bitcoin has recovered $ 5.000, but the possibility of a further decline cannot be ruled out. In fact, the technical data of the coin indicate a continuous selling pressure on the market.

Reconstructing what happened recently to BTC, let's recall how Bitcoin was quoted at $ 29.100 at the time of writing, after the coin was rejected from the price level of $ 31.000. Immediate resistance for the coin stands at $ 25.000.

A drop below this threshold will send the coin straight to $ 19.000. On the other hand, if the bulls were to take over by providing temporary relief to BTC, the digital currency could trade above the $ 30.000 price level and trade near the $ 31.000 resistance.

From a technical point of view, Bitcoin may have managed to show signs of stability but ... it is good not to trust: several technical indicators show that the coin may soon collapse again, being traded below the line of the simple moving average at 20 (which means that sellers are affecting the momentum of prices in the market).

Buyer support can push the coin above the immediate $ 30.000 resistance. Buyer support seems unlikely, considering the coin is forming bearish patterns that could lead BTC to trade below the $ 20.000 support level, a level it hasn't hit in over a year now.

If sellers continue to exert the expected strength, then, the $ 20.000 threshold could soon end up on the technical charts.

Buying Cryptocurrencies? Exchange Binance Binance

Roberto Rais

A great cryptocurrency expert and a long time collaborator. He actively follows several specialized Blogs in the cryptocurrency sector as Editors

Similar posts

Leave a comment

Your email address will not be published.

Back to top button