Today, the price of Bitcoin again dropped below $30,000. Thus, the price continues to move along the 30,000 mark, which lasts from May 13.
Among the analitics, the opinion still prevails that the bear movement will soon resume. Current consolidation is temporary. Therefore, the analysts are considering a drop of the BTC price to the 27,000 area and even lower. If the testing of this area is successful, then the decrease will be even lower. Next, we will see the resumption of the accumulation of Bitcoin and its recovery above 30,000. However, this will not be so fast.
The last 24 hours, the volume of inflows and outflows is 19409 BTC and 19530BTC, respectively. There is also an increase of the quantity of wallets containing 1000 or more Bitcoins. This is due to the price increase in the price of Bitcoin yesterday.
On a 4-hour chart, the BTC/USD is traded in the triangle. It supports a pair in the 29,000 area but limits its ascent in the area of 30,500. It is possible that soon we will see a breakthrough in one of the boundaries of the triangle. If the BTC/USD pair can rise above 30,500, we will see ascending to the 31,000 area. However, the BTC/USD pair will not be able to rise above this level the first time.
If the BTC/USD pair drops below 29,000 support, we will see a decrease to the 28,850 area. The movement below this level may begin a significant descending. In the declared case, the price may plunge up to 27,800.
