Bitcoin’s (BTC) price fell below the critical support level of $30K for the first time in one month and only the second time this year. The top cryptocurrency is currently trading at $29,770 with a 6% price decline over the past 24-hours. The next support zone for BTC lies in the $24K-$27K price zone
Source: TradingView
The price of the top cryptocurrency has failed to reignite a similar momentum as seen in the first quarter of 2021 after the massive sell-off seen in May. At a time when price recovery looks complex for the top cryptocurrency as market liquidity has dried up and top crypto exchanges have seen a significant decline in trading volume, BTC could continue its bearish consolidation under $30K.
A top crypto analyst who goes by the Twitter name “The Moon” has predicted that breaking the $30K support zone is bearish for Bitcoin. The crypto analyst also suggested that this might be a perfect opportunity for traders to open a short trade position given BTC has broken past
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