It appears that the Bitcoin bears are actively regaining power, as BTC/USD is set to suffer new losses.
At $28,564, the first digital asset may correct below the previous support. BTC/USD is trading at $29,650 at the time of writing, having moved lower from an intraday high of $29,880.
Furthermore, if the 9-day moving average remains below the 21-day moving average, Bitcoin may be exposed to losses.
Looking at the Bitcoin price, one might conclude that the market price will most likely continue to fall. The technical indicator Relative Strength Index (14) for example, which is anticipated to continue in the oversold range, may corroborate the negative action.
However, BTC/USD is still in danger of falling below the channel’s lower border.
Furthermore, bulls are betting on the $29,000 support level to keep the Bitcoin price above $30,000 even if it is rejected.
Any more negative action below this level might bring the coin towards important supports of $24,000, $22,000, and $20,000, respectively.
Meanwhile, if the coin moves over the 9-day and 21-day moving averages, it may approach the nearest resistance levels of $36,000, $38,000, and $40,000, respectively, following the upward momentum.
When will push BTC up again?
Jack Dorsey, a billionaire and famous Bitcoin enthusiast who co-founded Twitter and served as its CEO until November of last year, has taken to Twitter to explain why he believes the price of Bitcoin will climb again in the future after the recent drop.
Tom Philpott, the creator of the “Military Update” column in US media and the author of a few non-fiction books, tweeted at Jack.
Philpott chastised Dorsey for tweeting about rapper Kendrick Lamar, his new album, and the impending tour in support of it instead than watching and commenting on “Bitcoin burning.”
Dorsey stated that he is not concerned about the Bitcoin price’s current decline. He is certain that BTC will continue to climb in the long run. His confidence stems from the increasing acceptance of BTC since “more people are able to use it.”