BTC Price Prediction: Price recovers after dangerously testing levels under $30,000
- 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
Author
Matías Salord
FXStreet
Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.
