Bitcoin Price Prediction: BTC Uptrend Shatters As Declines To $30,000 Beckon

Bitcoin price pulls the entire market down as support at $33,000 is tested.
BTC’s short-term technical indicators flash sell signal as losses gain momentum.

Bitcoin price seems to have abandoned the uptrend toward $40,000 due to the resistance at $35,000. Over the last two weeks, BTC’s price action within the confines of an ascending parallel pattern.

In addition to the 200 Simple Moving Average (SMA) resistance, selling orders soared amid the bullish camp’s exhaustion. At the time of writing, support at $34,000 has been lost, giving Bitcoin leeway to explore the rabbit hole to $33,000.

Bitcoin price declines to $30,000 linger

The flagship cryptocurrency path with the slightest hurdles is downward based on the broken ascending channel’s support. Moreover, Bitcoin is currently trading beneath all the applied moving averages on the four-hour chart, including the 50 SMA, the 100 SMA, and the 200 SMA. In other words, support has been reduced to the bare minimum, which could accentuate the bearish outlook toward $30,000.

Meanwhile, the Tether (USDT) FUD is haunting Bitcoin (BTC) market again. Tether’s vast unsecured USD holdings are posing a great threat and any sudden withdrawal of USDT tokens can bring a liquidity crisis for crypto markets.

Bitcoin Price Analysis: BTC/USD four-hour chart

Support at $33,000 remains critical to the resumption of the uptrend. However, if broken, traders should prepare for the correction to continue. The Relative Strength Index (RSI) has dipped below the midline and is closing in on the oversold region, adding credence to the bullish outlook.

The Moving Average Convergence Divergence (MACD) indicator has also presented a sell signal in the same four-hour timeframe. This indicator follows the trend of an asset and calculates its momentum. In turn, the MACD sends out bullish and negative signals.

Following the MACD line (blue) crossing beneath the signal line, a call to sell appeared. The MACD dip will reinforce this bearish outlook under the mean line (blue) into the negative region.

Note that bulls hope to secure the support at $33,000, but if they fail to, the next anchor is expected at $32,000, which may avert the bearish leg from extending to $30,000.

Bitcoin price intraday levels

Spot rate: $33,350
Trend: Bearish
Volatility: Expanding
Support: $33,000 and $32,000
Resistance: $34,000 and $36,000

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Sunil Sharma

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on X at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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