Bitcoin’s (BTC) price fell below the critical support level of $30K for the first time in one month and only the second time this year. The top cryptocurrency is currently trading at $29,770 with a 6% price decline over the past 24-hours. The next support zone for BTC lies in the $24K-$27K price zone
The price of the top cryptocurrency has failed to reignite a similar momentum as seen in the first quarter of 2021 after the massive sell-off seen in May. At a time when price recovery looks complex for the top cryptocurrency as market liquidity has dried up and top crypto exchanges have seen a significant decline in trading volume, BTC could continue its bearish consolidation under $30K.
A top crypto analyst who goes by the Twitter name “The Moon” has predicted that breaking the $30K support zone is bearish for Bitcoin. The crypto analyst also suggested that this might be a perfect opportunity for traders to open a short trade position given BTC has broken past the descending triangle pattern.
The analyst also predicted that BTC price may fall to $25K level, looking at the current metrics. He also mentioned that even though Bitcoin proponents are against Shorting Bitcoin, it is the best bet at the moment.
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BTC faces an uphill task from here as major on-chain metrics have turned bearish. Most importantly miners have started selling their BTC holdings again. Until last week majority of miners were seen accumulating again despite the two-month-long bearish momentum in the market. However, now that they have started selling again, BTC’s price could take a further hit. CryptoQuant data showed a massive spike in Bitcoin being transferred onto exchanges by miner wallets.
Bitcoin would need to hold its previous 5-month low of $28.8K as immediate support to avoid any further sell-off. BTC had earlier managed to bounce right back after falling through the $30K support zone but this might not be the case this time around. The next big on-chain support for the top cryptocurrency lies at $26.7K as more than 70,000 addresses bought 170K BTC at this price point,
Other analysts believe the bearish momentum might push BTC price to sub $25K level, however, they won’t call it the end of the bull market and strongly believe another leg of the bull run is imminent.
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