Bitcoin price below $30,000, more pain to come?

China’s crackdown against cryptocurrency continues and the death cross is playing the role to sink the prices and today bitcoin price went below $30,000 as we predicted yesterday.

The price of bitcoin is below $30,000 for the first time after January 28 touching a low of $28,805. Bitcoin price rebounded to $33298 in the next 5 hours of dip, 1:45 PM Eastern Time. Bitcoin price was $64,000+ a few weeks back and the prices of all cryptocurrencies have almost halved. Due to Bearish days after April, cryptocurrencies have only gained 3% this year.

Let’s move to Bitcoin Chart to see what’s coming next, technically.

Well, there are two opinions and either can be valid as tomorrow is critical and a decisive day. First let’s suppose no more FUD is coming from Trump, Musk, or China, we can see the $36,000 digit this week. There is inverted Head and Shoulder forming and if the chart respects the pattern formed, we must see a bullish rally.bitcoin

The second Scenario is somewhat scary. Take the following into consideration as signaled Bearish:

  • Price fell 7.37% ($2.300) below the trading range. It seems a bit much considering the tiny upthrust. = Bearish
  • Price fell below preliminary support and made a new low = Bearish
  • Monthly support was breached = Bearish
  • Volume is dropping while price increase (divergence) = Bearish
  • RSI divergence = Bearish

Cryptocurrency trading is prone to high risk, DYOR.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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