Bitcoin dips below $30k as the crypto market consolidates Bitcoin BTC Bitcoinprice
- The cryptocurrency market entered into a correction on Monday after the momentum from last week's Ethereum hard fork began to fizzle out, prompting many crypto traders to take profits and look for a good spot to reenter the market at a more opportune time.
Bitcoin bears applied pressure on the bulls from the opening candle, successfully hammering BTC below the $30,000 support and dropping it to a daily low of $29,324 near midday before bulls managed to bid it back above $29,500.The early morning onslaught from bears resulted in April Bitcoin futures prices trading lower after hitting a new contract high Sunday, according to Kitco senior technical analyst Jim Wyckoff.
Additional insight was provided in the latest trade letter from Eight Global, which noted that “Bitcoin is retesting its daily 8EMA [exponential moving average] today, and so far finding support.”“The 8EMA can be useful when looking for relative strength and the lack thereof,” the analyst wrote. “I will be watching the price reaction around the 8EMA this week. There seemingly has been a nice round-top building here at our $30 - 30.5k resistance area.
If this occurs, the analysts identified $28,500 - $29,000 as potential support levels to watch and noted that “if the price happens to crash back into the previous price channel, a likely retest of the channel low at around $26.8k” is likely to occur.
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