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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.

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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.

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.