Bitcoin currently tested the 2021 low of $29,786. The coin is currently trading at $29,426 having broken below the support. At the time of filing, the bulls are contending for an upswing. However, the gains are still modest as Bitcoin still trades below last summer lows.
Based on the market sentiments as per our last update on Bitcoin price, it is obvious that the support shall not hold. This is obvious from the moderately high sell pressure.
Bitcoin Will Drop To $24k Support in Coming Days
Data from Bitstamp shows that the coin fell to a low of $29,338 on May 14. It recovered slightly before rising to $29, 426 at the time of reporting.
Even though a number of analysts believe that BTC bottomed around $30k, our analysts believe that the coin price will drop towards the $21k-$24k support.
Bitcoin is down by 1.87% in the past 24 hours. Trading volume is also down by 37.07% at $28 billion. We can conclude that the volume is a reflection of what the market cn support at the moment.
The 10-day and 20-day moving averages show that BTC is still in a downtrend. The RSI indicator is 39. This means that Bitcoin is not yet oversold, so we are not expecting a sustained reversal at the moment. Our conclusion is that BTC has not yet reached its bottom.