Cryptocurrencies continue to retreat amid increasing pressure on risky assets. Today Bitcoin fell to 28,720, over the past 24 hours its capitalization has decreased by 4%.
In the coming weeks, the bears will retain control of the market. The BTC/USD pair continues to trade in a triangle on the 4-hour chart. As the chart shows, the BTC/USD pair is increasingly trading below 30,000. If last week it rose above 30,000 and then fell again, then this week the BTC/USD pair managed to briefly rise above 30,000 only 1 time. Therefore, immediate resistance has moved to the 29,250 area. Further, the BTC/USD pair will meet resistance in the 29,600 area. Passing the 29,600-29,750 area will increase the chances of a return to 30,000.
On the other hand, if the BTC/USD pair fails to overcome the 29,600-29,750 area, we will see a further decline in the BTC/USD pair. In this case, immediate support lies near the 28,650 level. A break below 28,500 would send BTC/USD below 28,000.