Bitcoin experienced a massive sell-off in recent hours and fell below the $30,000 level for the first time since June.
The cryptocurrency market has shifted back into a bearish trend, with Bitcoin losing more than 4% of its value over the past 24 hours. This decline erased the $31,000 level and then $30,000, leaving the leading crypto trading below $30,000.
Bitcoin’s performance has weighed on other major cryptocurrencies. ETH is down about 6.70%, slipping again below the $1,800 level, while Binance Coin (BNB) lost its $300 support and is now trading around $260 per token.
Tokens such as Cardano, XRP, Dogecoin and Polkadot are all trading in negative territory. Analysts are not optimistic about Bitcoin’s near-term price outlook and believe it could soon fall below the $29,000 support.
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 Outlook
The 4-hour BTC/USD chart indicates that the leading cryptocurrency is in a distinctly bearish position right now. Bitcoin has lost support in recent days, causing its price to drop through key levels such as $32,000 and $31,000.
Having fallen below $30,000 for the first time in weeks, Bitcoin could face further downside in the coming hours. If the current trend continues, BTC may test its 30-day low near $28,800.
BTC/USD chart. Source: Coinalyze
The RSI reading around 28 suggests Bitcoin is currently oversold. The MACD line is also in bearish territory, which signals the BTC/USD pair could incur further losses.
However, if the market rebounds in the next few hours, Bitcoin could reclaim support above $30,000. A sustained recovery might push the token back toward $31,000 and then up to the major resistance near $31,795.