Bearish Sentiment Is Spreading, How Long Would It Take For BTC to return to $30K?

 2021-07-20 11:19:15
The market was panicking last night. Bitcoin suddenly fell, breaking below the $31,000 that it had been supporting some time ago, and reaching near $30,000. Just as the market was not expecting support for $30,000, Bitcoin began to rebound slowly, but the magnitude of the rebound was also average. The main reason for the decline was the collapse of the European and American stock markets. The Dow Jones Index recorded its biggest one-day decline in the past ten months. At the same time, the impact of the sudden increase in the number of new crowns on the subsequent economic situation should not be underestimated.

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Bitcoin price extended its decline below the $30,000 support today and it remains at a risk of a larger decline below the $29,000 support zone. The price is now consolidating losses above $29,250. If bitcoin fails to recover above the $30,000 and $31,500 resistance levels, there is a risk of more losses.

 

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI– The RSI is now well below the 50 level.

Major Support Levels – $29,500, followed by $29,000.

Major Resistance Levels – $30,200, $31,500.

 

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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