• Bitcoin price dropped to 28,600, the lowest since January 4.
  • It managed to recover levels above $30,000, but still remains under pressure.

Bitcoin price tumbled to $28,600, hitting the lowest level since January 4. The level is more than 50% below the April record high. So far, BTC/USD has been able to recover the 30K area but still remains under pressure. A consolidation below $30,000 would point to more losses ahead.

BTC/USD is falling by “just” 4.02% at the moment, trading at $30,081. It moved off lows but still remain under pressure. A recovery could face initial resistance at $31,150 followed by $33,300. For the negative short-term negative perspective to ease, BTC needs to break a downtrend line, currently around $34,500. A firm break above would alleviate the bearish pressure.

On the downside, under $30,000, the next level to watch is the $28,600 zone; the recent low, and the late January floor. A break lower could increase volatility and could lead to an eventual decline to the strong support area of $20,000. Under $28,600 support levels emerge at $27,450; $25,850 and $24,350.

BTC 4-hour chart 

BTC

 

 


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