BTC Selloff Results in the Crypto Losing 2 Major Support Levels

• BTC’s price dropped more than 3% over the past 24 hours to trade at $30,344.96 at press time.
• This negative 24-hour performance resulted in BTC dropping below 2 major support levels.
• Technical indicators suggested that BTC may enter into a short-term bearish cycle in the coming days.

This past week has been good for many cryptocurrencies, including the crypto market leader, Bitcoin (BTC). Unfortunately, CoinMarketCap indicated that, at press time, BTC was trading at $30,295.31 after it saw its price drop by more than 3% over the past 24 hours.

Consequently, BTC was trading closer to its daily low of $29,966.39 than its 24-hour high of $31,354.48. In addition, BTC’s daily trading volume fell by more than 27% throughout the past day of trading, which left the total standing at around $18.64 billion at press time.

However, despite BTC’s latest price decrease, the crypto’s weekly performance was still in the green at +0.49%. Additionally, BTC performance over the past month was also up by 21.78%. BTC was also able to outperform the altcoin leader Ethereum (ETH), and was up 0.14% against the crypto.

From a technical perspective, BTC’s price had plummeted below the support levels at $31,075.00 and $30,460.00 over the past 24 hours, and continued to trade below the two price points at press time. Notably, the crypto’s price was also trading between the 9-day and 20-day EMA lines at press time.

If the market leader’s price drops below the 20-day EMA line during today’s trading session then it may be at risk of also losing the support of $30,040.400 in the coming 48 hours. On the other hand, a break above the 9-day EMA line during today’s trading session may see BTC reclaim the $30,460.00 support and potentially rise to $31,075.00 in the following days.

Investors and traders may want to monitor the two EMA lines throughout the coming 24-48 hours, as the technical indicators were closing in on each other. If the 9-day EMA line crosses below the 20-day EMA line, then it will signal that BTC has entered into a short-term bearish cycle and its price may drop in the 48 hours after the two lines crossed.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.