Bitcoin Prize reaches support level and experts predict further losses

Bitcoin Prize reaches support level and experts predict further losses

Bitcoin price falls at the level of support and experts expect further losses

The price of Bitcoin has now fallen on the lower end of its almost one -month trading range. The price of the cryptocurrency was between $ 29,800 and $ 31,300. Yesterday there was a short-term break-in to up to $ 29,704, but the price recovered to $ 30,306 within a few hours. Bitcoin is currently moving back towards the key brand of $ 30,000. However, experts warn of further declines and a possible liquidity bottleneck.

The analysts of Swissblock Insights observe a remarkable calm on the market and explain that the narrow Bollinger ligaments indicate an upcoming price jump. However, they also emphasize that a strong catalyst is required to breathe new life into the market.

The on-chain data provider Glassnode describes the Bitcoin market as "extremely quiet" and indicates the decline in volatility, which is reminiscent of the market stability at the beginning of the year. According to her analysis, capital flows slowly but steadily into the Bitcoin market. The current realized upper limit is just under $ 396 billion and indicates a slow capital flow.

The owners of Bitcoin are still not ready to sell their stocks. This leads to tense market conditions, similar to in 2016 and 2019-2020. Most of the short -term and long -term addresses hold their stocks, with the short -term owners being the main actors on the market.

The option market hardly reacts to the current market conditions, which is why experts recommend that the sellers concentrate on static protection and to have risk control plans. Buyers should take profits with them in good time and use futures as protection for their options.

At the time of printing, Bitcoin is traded at $ 30,064. Experts expect further volatility and losses because the market is currently stuck in a boring phase. However, a strong catalyst or high demand could revive the dynamics and lead to a bullish price increase.