Home Bitcoin Bitcoin Price Signaling Possible Bearish Momentum Below $30k – $25k Coming Soon?

Bitcoin Price Signaling Possible Bearish Momentum Below $30k – $25k Coming Soon?

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Bitcoin Price Signaling Possible Bearish Momentum Below $30k – $25k Coming Soon?

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Bitcoin price continues to struggle below $30,000 with declines seemingly in the offing. The largest cryptocurrency has in the last 24 hours rolled back 0.5%, and is trading at $29,780.

Investors are cautiously navigating the market ahead of a busy week, including interest rate decisions from the United States Federal Reserve, the European Central Bank, and the Bank of Japan.

A 25-basis points hike is anticipated in the US in addition to the release of the “actual GDP in the second quarter and the PCE price index in June,” Coin Wu of Wu Blockchain reported.

Bitcoin Price Breaks Out of The Range: Could Declines Soar

Bitcoin price is trading slightly below the range channel discussed extensively over the last few weeks.

With the support previously provided by the 200-day Exponential Moving Average (EMA) now acting as resistance at $29,863, the path with the least resistance could remain on the downside, which could put more pressure on support areas at $28,000 and $25,000.

Meanwhile, the Moving Average Convergence Divergence (MACD) indicator will likely confirm a sell signal on the four-hour chart. This call to sell BTC would manifest with a bearish cross, marked by the MACD line in blue flipping below the signal line in red.

BTC/USD price chart with Bitcoin price below $30k
BTC/USD four-hour chart | Tradingview

The Relative Strength Index (RSI) is back below the midline, still adding downward pressure. Two scenarios are likely to take place this week. First, Bitcoin price bulls may arrest the bearish situation below $30,000 before it takes shape and push for a substantial rebound toward $33,000 and $35,000, respectively.

Secondly, if the economic indicators set to be released later in the week are unfavorable to risk assets investors, losses of $28,000 and $25,000 would be imminent. For now, traders should be on the look for BTC to reclaim the range channel support reinforced by the 200-day EMA.

Captain Faibik, a popular crypto analyst to his over 61k followers on Twitter that “the failure to break above $31k level could lead to a retest of the weekly EMA200 ($25.5k).

However, investors should not fret, with Faibik reckoning that there is a possibility of “a successful clearance of the $31k level, which might pave the way for a significant bullish rally of around 30-35% in August/September.

Other market watchers like the Senior Researcher at LBank Labs, Jonny Teng believe developments surrounding the ruling in the case between Ripple and the Securities and Exchange Commission (SEC) continue to negatively influence trading across the crypto market, with Bitcoin investors choosing to stay cautious.

“The disappointment expressed by SEC chair Gary Gensler over the court’s ruling on the securitization of XRP token has added to uncertainty, with the possibility of an appeal by the SEC further complicating the situation,” Teng.

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John is a renowned crypto analyst and journalist, providing expert insights into both broad and focused aspects of the digital asset market. As a steadfast reporter, he keeps his audience updated with the latest news in the crypto sphere, delving into topics such as price trends, on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the ever-evolving metaverse.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.



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