Bitcoin dropped below $30,000 during the Friday morning Asian trading session. The asset had lost 1.5% on the day in a fall to an intraweek low of $29,750.
It is the first time this month BTC has dropped below $30K following four separate rejections at resistance since it crossed the price barrier on June 2022.
Renowned analyst Willy Woo said that “Mean reversion forces now dominating Bitcoin price action” on July 7.
“Sideways or down is easier than up. Fundamentals suggest we need a phase of cool down to reset things.”
Mean reversion forces now dominating #Bitcoin price action.
Sideways or down is easier than up.
Fundamentals suggest we need a phase of cool down to reset things. pic.twitter.com/N7USKlwG3d
— Willy Woo (@woonomic) July 7, 2023
Bitcoin Facing Heavy Resistance
The second major failure to break resistance at $31K could result in the formation of a double-top chart pattern. If this scenario plays out, Bitcoin prices could retreat to support down at the high $24K
We współpracy z: https://cryptopotato.com/analysts-predict-bitcoin-cooldown-phase-as-btc-slid-below-30k/
