- Bitcoin trend analysis goes deep negative as pair drifts lower
- BTC/USD tests $30,900 support with bulls defending critical support region
- All-time high now looks a far-fetched dream with bulls losing momentum
- The symmetrical triangle shows a bearish pattern emerging on the hourly charts
Consolidation has turned into a bear run on the BTC/USD chart, with the pair again testing new lows. The pair tries to defend the all-important $30,000 level where the 100-day simple moving average holds the fort. The bullish momentum is fading fast on the daily charts, too, with BTC sliding off from key pivot points such as $34,500 and $32,000.
The pair is moving lower on the weekly Bitcoin trend analysis, with the price losing close to 3 percent in value. The momentum is shifting fast from the bulls’ favor and slipping into the bearish hold. The attempted bearish run has materialized with the price sliding down from $34,500 support and towards the Bollinger Bands’ lower end.
At the time of writing, the area between $32,000 and $30,000 is emerging as a safe zone for the pair. However, the bears are increasing selling pressure on the pair whenever it tries to cross the $33,000 level.
Bitcoin price movement in the last 24 hours – Bears are entirely in charge
In the past 24 hours, bulls have been under pressure from consistent selling at higher price points. The bullish momentum that started building during the recent consolidation phase is all but lost right now. The bears have demolished all the support points as per Bitcoin trend analysis, and the downward move swift.
The selling pressure is now looking more pronounced, with a symmetrical triangle pattern emerging on the charts. So, another sharp pullback cannot be ruled out. The first significant support is $30,000 and then at $29,100. Until the bulls can build a significant bullish momentum on the daily charts, revisiting the all-time highs will remain a distant dream.
However, the price is unlikely to remain under $30,000 support for long and can act as an accumulation zone. Both institutions and traders can turn the region into a long-term buying opportunity. The broader crypto market sentiment remains bullish, and $30k support is an excellent area to enter the market for a new bull Bitcoin trend analysis.
BTC/USD 4-hour chart – Bearish signs all over the charts
Bitcoin trend analysis is showing a bearish divergence emerging on the hourly charts. The downside breakout is now more prominent on the charts, with the pair is looking to cross over to $30,000. The 38.2 percent Fibonacci retracement level is also around the support zone. The region has served well to hold a falling Bitcoin trend analysis in recent times.
The ‘buy the dip’ trade will play only when the price stabilizes around the $30k support pivot. In such a scenario, the price can reverse the trend on the daily charts as well. On the upside, the price action can find bullish momentum above the $34,670 level, where investors and traders alike can push the prices higher. The $35,960 region is also acting like an inflection point where both resistance and support levels merge on the hourly charts.
Also, $37,700 may prove to be tough short-term resistance. Bitcoin bulls saw price quickly shed around $4,000 in value in a span of a few hours. The king of cryptocurrencies has lost close to $7,000 in value over three days.
Technically, the RSI is at 34, which shows that a lot of selling has already happened. The MACD is firmly in the bearish grip and is pointing down south. The horizontal triangle is emerging as a bearish omen in the Bitcoin trend analysis. If the triangle breaks further, the price can slide underneath the $29,000 level.
Bitcoin trend analysis conclusion – $30,000 level still holds the key
The Bitcoin price is holding $31,000 level near the lower Bollinger Band. The massive $7,000 correction may be nearing an end if the bulls can defend the price at the current levels. The triangle’s breakdown will further worsen the matter for the bulls. The long-term bull trend on the weekly charts is still intact.
The $32,500 is the first resistance to cross on the hourly charts. Next comes the $34,000 resistance, where the pair may experience colossal selling pressure. The correction may subdue if the bulls can muster up enough volumes to take the price higher than the $35,000 level.
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