- Bitcoin price analysis turns bearish as price hovers near crucial support at $30,000
- MicroStrategy has bought $489 million worth of Bitcoin during the recent dip
- Wedge bearish pattern emerges on Bitcoin charts that is a cause of worry
- BTC/USD touches a low of $31,160 amid a build-up of selling pressure
Bears are ruling the BTC/USD charts as the crypto looks poised to touch fresh new lows near the $30,000 support zone. The BTC price has crashed from $34,629 to reach $31,160 intraday low. The current market is under excessive selling pressure, which is evident from the RSI reading of 32. If the bears can pierce through the $30,000 level, the price can touch $25,000.
Bulls are looking for shelter as the technical indicators are sending multiple sell signals according to Bitcoin price analysis. With most charts in the red, hourly, and daily, the flagship cryptocurrency shows no sign of recovering from a recent downturn. The approximate 10 percent intraday drop threatens to retest the critical support region near $30,000 that may induce a long-term Bitcoin selloff.
The technical analysis of BTC/USD is now lined with multiple bearish signals. The most significant bearish pattern signifying a deeper malaise in the BTC price is the 'Inverse Cup and Handle' pattern. Here, Bitcoin price analysis suggests that the price action has built an inverted cup and signifies further correction in the BTC price. The price will rally upwards slightly and then move lower towards deep support regions.
