Bitcoin is stable at $ 30k, but the bearish phase is far from over

Bitcoin has stabilized at the key support level of $ 30,000. BTC has been trading near its immediate support for over a week now. It will be another few weeks before the base rises sharply again.

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Bitcoin is struggling for upside down momentum

Over the past week, the coin has lost almost 6% of its value, and in the last 24 hours, BTC has fallen 3%. Last week was particularly disturbing due to continued market weakness for the number 1 cryptocurrency – including altcoins.

BTC has fallen to a low of $ 25,000. BTC traded at this price level in December 2020.

While Bitcoin earned $ 5,000, however, other reductions cannot be ruled out. The technicality of the coins reflects continued sales pressure in the market.

Bitcoin is trading at $ 29,100 at the time of writing this report. Previously, the price level declined $ 31,000 for the asset. The immediate resistance for BTC is $ 25,000.

If it falls below this value the cryptocurrency would yield exactly $ 19,000. On the other hand, if the bulls launch temporary relief, the base aims to move above the $ 30,000 price level and trading close to the $ 31,000 resistance level. Bitcoin volume in the red zone is showing bearish on the one day chart.

Most sellers on the crypto platform

Bitcoin was able to show some stability on the chart. However, additional signs indicate that the base may crash again soon. The # 1 cryptocurrency is trading below the 20 SMA line. This means: Sellers have a huge influence on the dynamics of price in the market.

Buyer support can push the coin above the immediate resistance at $ 30,000. Buyer support seems unlikely to assume that the asset has a bearish (yellow) flag.

A bearish flag suggests more pressure from the bears. That could drop BTC below the $ 20,000 mark.

The base had not been on them for over a year. The Relative Strength Index was below halfway. This suggests that the vendors are still in the lead as indicated by the SMA lines.

The bearish Bitcoin flag shows how the coin continued to fall following the pattern formed on the chart. The cops have grown tired of the constant battle with the vendors. Consistent with the same result, the Awesome Oscillator shows a bearish bias.

The indicator gives the dynamics of market prices – and red histograms below the half line were a sell signal for BTC.

If sellers continue to respond to this, the charts could soon reach $ 20,000. Chaikin Cash Flow is responsible for displaying capital inflows and outflows. The indicator is below the half line, because capital outflows are still prevailing at the time of writing.

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Text credit: Newsbtc

Last updated 19 May 2022

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