Bitcoin experienced a sell-off in recent hours, slipping below the $ 30,000 mark for the first time since June.
The cryptocurrency market is experiencing another bearish trend, with Bitcoin losing over 4% of its value in the last 24 hours. As a result of the losses, the leading cryptocurrency lost its position above $ 30,000 and is now trading below that mark.
Bitcoin’s poor performance also affected the other major cryptocurrencies. ETH is down 6.70%, trading back below the $ 1800 mark, while Binance Coin (BNB) lost its support level at $ 300, trading at around $ 260 per coin.
Cardano, XRP, Dogecoin and Polkadot are all trading in the red. Analysts are not optimistic about Bitcoin’s short-term price target and believe it could soon fall below the $ 29,000 support level.
Let’s see how many times the $ 31,000 support is going to hold for # Bitcoin or whether it cracks through it, seeking for liquidity <$29K.
– Michaël van de Poppe (@CryptoMichNL) July 19, 2021
BTC Price Forecast
The 4-hour chart of BTC / USD shows the leading cryptocurrency currently in an extremely bearish situation. In recent days, Bitcoin has lacked support, which has led to the loss of key levels above $ 32,000 and $ 31,000.
For the first time in weeks, Bitcoin has fallen below the $ 30,000 mark. In the next few hours, this price decline could continue. If the current trend continues, Bitcoin could fall to its 30-day low, which currently stands at $ 28,800.
Chart BTC / USD. Source: Coinalyze
The RSI at 28 indicates that Bitcoin is currently oversold. The MACD line is also in bearish territory, suggesting that the BTC / USD pair may suffer further losses.
However, if the market recovers in the next few hours, Bitcoin could regain its support above $ 30,000. A longer rally could bring the levels below $ 31,000 into play. At $ 31,795, greater resistance awaits the cryptocurrency.