By Solomon Odunayo
Bitcoin could not steady higher past $31,750. The crypto saw a sharp drop that had it beneath the crucial support of $30K.
- Bitcoin kick-started new plummets from the latest high of $31,750.
- It trades beneath $30K and 100-hourly Simple Moving Average.
- The 1hr chart shows the bellwether crypto broke beneath the crucial trend-line with footing at $30.5K (Kraken data).
- The pair might dip further to explore $28.5K and even $28K.
Bitcoin Price Drops 6%
Bitcoin saw extended upswings past the resistance level at $31.4K. However, the asset could not overcome the resistance barrier at $32K. Bitcoin formed a higher at $31,725 and launched a new downside move.
Bearishness drove Bitcoin beneath the $31K and $30.5K support zones. Moreover, the hourly timeframe shows a break under a vital bullish line with support at $30.5K. While publishing this blog, Bitcoin hovered beneath $30K and 100-hourly Simple Moving Average.
Bears are trying to erase the footing at $29,350. Upside movements will encounter the nearest resistance at $29.6K. Another hurdle stands at $29.9K. It stands near 23.6% Fibonacci retracement of the latest plummet from a swing high of $31,725 to $29.3K.
Another massive resistance stands at $30,120. A decisive surge beyond this obstacle might see further upsurges to the 50% Fibonacci retracement mark of the mentioned latest drop. More uptick can shift the bias, supporting upswings towards $31.2K.
Further Bitcoin Losses?
Bitcoin might witness more plummets if it fails to recover past the resistance at $30K. The leading crypto will discover the initial footing at $29.2K. The weakness here will see BTC exploring the foothold at $28.5K.
A downward move beneath this support might catalyze another selling wave. Such a case would drive Bitcoin towards the support barrier at $27.2K in the short term.
While publishing this blog, Bitcoin maintains bearishness at $29,512.9. Overnight BTC declines catalyze substantial losses in leading cryptos. The altcoin market seems to suffer more than the leading crypto.
For now, the crypto bloodbath exhibits a bloodbath. The cumulative value of all digital assets lost 5.27% within the past day to $1.21 trillion.
Crucial support zones – $29K, then $28.5K
Crucial resistance zones – $29.9K, $30,120, and then $30.5K.