Two years ago when Bitcoin was challenging $30,000 there was so much positive thinking while many traders thought price was overbought and should sell. Bitcoin has surpassed this level and as price has turned down from $60,000 to $30,000, many traders flee in panic.
As expected by our analysis, Bitcoin has reached $30,000 after the break below $38,000. Price has reached a key horizontal support level. So far this price level has been tested three times back on in 2021 and so far price has held above it. Failure to stay above the support would be a bearish signal. New Bitcoin target would be around $19,000-$20,000 if support fails to hold.
