Bitcoin is currently down with a 2% drop in the last 24 hours. It lost $31k today and now diving towards $30k with serious sell pressure. However, its mid-term bullish remains intact on the higher timeframe. 

Just a few weeks ago, Bitcoin bounced off crucial support as expected and regained momentum following a 25% rally in 8 days. That rally saw the price to the peak of $31,500, marking a new yearly high. 

It remains stuck below that peak level and remained calm. The price later fell and attempted to break down the critical $30k level last week, but it was quickly rejected with a buyback as it retested the yearly high on Monday. The bears intercepted and the price fell back. 

Now, the leading cryptocurrency is looking for support at the mentioned critical level after rolling off the peak level yesterday. If the price scales through this critical level, Bitcoin could retest the $27,000 level left behind during last month’s breakout. Rejecting this critical level could as well push the price back into a range. 

However, Bitcoin has been trading in a tight range for more than a week now. A notable rise above the yearly high could activate a fresh rally to $33,000. But as it stands now, the price is more likely to go south than north.

While the market fear and greed index increased to 63%, BTC dominate the market share by 49.8%, with a market cap of $595 billion at the time of writing.  

As the price drives towards $30,000, a crackdown could slip the price into the $29,000 and $28,886 levels before bouncing back. Lower levels for support are $28,035 and $27,000 in case of drops. 

Bitcoin’s closest resistance level is held at $31,000. If this level is reclaimed, the price may once again revisit the yearly high 0f $31,500 before breaking to $32,407 and potentially $33,020.

Key Resistance Levels: $31,500, $32,407, $33,020

Key Support Levels: $30,000, $28,867, $28,035

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: kesu87/123RF // Image Effects by Colorcinch

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