Today the market is recovering from yesterday’s collapse. The top 10 cryptocurrencies are trading in the green zone. The market has received an answer to the main question, of whether the price of Bitcoin can return above 30,000. Today, Bitcoin is trading above 30,000. However, this level remains fragile for BTC.
After yesterday the price of Bitcoin reached a low of 27,081, and the bulls stepped up and drove Bitcoin up. First of all, the so-called whales began to buy coins to prevent Bitcoin from collapsing. Capital preservation is of paramount importance for both traders and investors. And if some altcoins saw an increase in sales with a price decrease, then it was important for Bitcoin investors not to let Bitcoin, and with it, the entire market, collapse.
Until yesterday, the BTC/USD pair had the strong support of around 32,000 and 30,000. But these levels were broken and lost their relevance. Bitcoin moved the nearest support level to the 27,200 area and further to 25,400.
Despite today’s rollback, the downtrend is still on all timeframes. Therefore, analysts do not exclude that the price of Bitcoin may drop to 24,000 in the coming weeks. A sign that the market is ready for recovery will be another pullback to 30,000. However, this will not yet mean a trend reversal.
The movement of the BTC/USD pair in the range of 29,400-30,200 may open an opportunity for scalpers. Here you can open short buy orders of around 29,400 and set a stop loss of around 30,000.