Last year in May, the BTC/USD pair also traded below $40,000. However, it traded in the 34,000 area. Then the pair reached 30,000 and was able to recover. Now we see a similar situation. But this year, BTC/USD is trading near the 30,000 mark. And the pair has already hit a lower low than last year.
If yesterday the BTC/USD pair was trading near 30,000, today it has come close to 29,000. As we wrote yesterday, the BTC/USD pair is trading within a triangle on the 4-hour chart. Today we see that the BTC/USD pair has fallen below the lower border of the triangle. If we see a close below the border, the BTC/USD pair may continue to decline.
Here, the BTC/USD pair will meet support in the 28,500 area. A breakdown of this support will provoke a decline in the BTC/USD pair to the 27,750 area. This area supported the pair on May 12. This time, the bulls will also prevent the price from dropping below this level. By the way, some analysts predict a decline in the price of Bitcoin to the mark of 25,000 if the price drops below 29,000.
If the BTC/USD pair still manages to stay within the triangle, we will see an upward movement from the lower border of the triangle. Here the pair will face resistance around 29,950. A break of this level will allow BTC/USD to return above 30,000. However, BTC/USD should rise above 30,600 for the recovery to continue. 31,200.
