The past week turned out to be a pivotal point for the world’s largest cryptocurrency. Bitcoin fell below the crucial mark of $30K, which further led to panic selling among the altcoins. A negative breakout from the descending triangle pattern during the first week of the month hinted for such a nosedive in the price level
However, looking onto the brighter side, it must be considered that the price level has entered the accumulation zone, which led BTC to achieve its new all-time of $68,790 during the past year. Therefore, it can accumulate a new set of investors within the current range to bring back the positive momentum
The technical indicators are still suffering from the wrath of bears but hints at a possible bounceback. RSI, after nosediving to the oversold region, is showcasing positive nature while residing at 33.24. The MACD is still below the histogram forming red bars and shows the potential of a bullish crossover in the upcoming days
Maintaining sustainability above $30K and $28K respectively will be very important for BTC to avoid further decline. On the positive side, resistance can be placed at $32K and $36K.
However, looking onto the brighter side, it must be considered that the price level has entered the accumulation zone, which led BTC to achieve its new all-time of $68,790 during the past year. Therefore, it can accumulate a new set of investors within the current range to bring back the positive momentum
The technical indicators are still suffering from the wrath of bears but hints at a possible bounceback. RSI, after nosediving to the oversold region, is showcasing positive nature while residing at 33.24. The MACD is still below the histogram forming red bars and shows the potential of a bullish crossover in the upcoming days
Maintaining sustainability above $30K and $28K respectively will be very important for BTC to avoid further decline. On the positive side, resistance can be placed at $32K and $36K.