The latest price drop sees BTC flip the $30k support to test the $28,600’s. The whole saga lasted four hours. One correlating event to the time the price drop happened is the news of China’s latest crackdown on BTC miners. The trading volume of BTC decreased during the $28k saga.
Unfortunately, the king coin records its lowest price in the last six months. More bad news for the coin as it broke a previous trading pattern of prices moving between $30k and $40k. This means that we may see a new trading pattern as a result of the $30,000 flip. As of the time writing, all hourly time frame is displaying the death cross.
More bad news for the coin as on-chain analysis are all bearish. One such indicator is the summary of the last 24 hours where it is seen that there are more bears in the market than bulls. The pivot point standard also shows that the latest price drop brings the largest coin by market closer to testing the first pivot support as its been trading below its pivot point. Additionally, the fear and greed index reading dropped from 23 to 10 over the last 12 hours.
The Good News
One of the good news is that the exchange signals are currently bullish as well as the derivative market momentum. The highlighted indicators only point to more bullish actions in the next 24 hours. We are in a bearish market, the recent exchange and derivative signals only hint at as stronger price support.
As of the time of writing, price movements are slower than anticipated by most traders. This is another good news as bitcoin may continue to experience slow price movements. A slow price movement will translate to the fact that before the $20k support comes under test BTC may have recovered from its bearish state; avoiding further slip below $20,000.