BTC Price Analysis: Bitcoin Retests $30K
Bitcoin / U.S. dollar BITSTAMP:BTCUSD
The Daily Chart
Considering the current macro sentiment, it may be too early to call the current area the bottom, as price action could easily be a mid-downtrend consolidation before another leg to the downside. Assuming a more favorable scenario, the price could also bounce from where it currently trades. If that plays out, the two significant challenges would be the $37-$40K supply zone alongside the bearish crossover of the 50-day and 100-day moving averages. On the other hand, if $30K fails, the $24K area could be the next potential bearish target.
