It looks like the BTC/USD pair has entered a new range and will stay there for a while. If a week ago the BTC/USD pair was able to reach 32,000, these days the BTC/USD pair couldn’t reach the 32,000 level and bounced down from the levels of 31,500 and 31,000. At the time of publication, the BTC/USD pair is trading around 30,500.
In the current situation, the BTC/USD pair will face immediate resistance in the 31,100 area. Further, the pair will face strong resistance in the 31,500 area. A move above this level will increase the chances of a new test of the 32,000 level.
If the BTC/USD pair falls below the 30,000 support, the price decline will intensify. In this case, the BTC/USD pair will drop to the support around 29,450. A move above this level will send the pair to the 28,600 area.
Despite the recovery of the BTC price of above 30,000, analysts predict a new price decline. However, this time it will be deeper. The BTC/USD pair may drop to the 23,000 area. Analysts make such a forecast based on miner sales. Until now, miners have tried to hold the coins. But the formation of eight bearish weekly candles in a row forced the miners to reconsider their policy. Miners have begun transferring their coins to exchanges.
