2022-5-11 21:29 |
Bitcoin (BTC) appears to have slightly recovered after one of its worst crashes in 2022. The coin had fallen below $30,000 for the first time since July last year. However, it rebounded sharply in a few days. Here are the main takeaways:
BTC is currently hovering above $31,000 after a slight recovery over the last 24 hours
However, there still remains a significant downside risk that could push BTC below $30,000
Bullish RSI divergence however suggests a surge towards $34,000 could happen
Data Source: Tradingview
Bitcoin (BTC) – How the price may playoutBitcoin (BTC) fell below $30,000 for the first time in almost 10 months. Although the coin had seen sharper falls in 2022, it had never breached $30,000. The mega-cap however recovered almost instantly and is now hovering above $31,000.
Despite this, a lot of downside risk still remains. In fact, there are fears that slow investor sentiment and an ongoing broader correction in the market could crash BTC to $20,000 before any future bull run. But momentum indicators show that there is an opportunity for short-term gains.
We expect BTC to test $34,000 based on the current RSI divergence. However, upward momentum remains severely limited. Unless something drastic happens to change sentiment, BTC will likely sell off after hitting $34,000 and may as well lose the $30,000 support once more.
Where will BTC bottom?A lot of analysts were expecting some correction in Bitcoin this year. However, the price has fallen sharply than expected. If BTC is not able to stay above $30,000, we are going to see a huge drop in the price.
In fact, downside risks below $30,000 are so serious to a point where BTC could go into free fall once it firmly settles below $30,000. Most analysts fear the coin could bottom at $20,000 before its next run.
The post Bitcoin (BTC) rebounds after crashing below $30,000 – Can it surge past $34,000? appeared first on Coin Journal.
origin »Bitcoin (BTC) на Currencies.ru
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