Will Bitcoin Plummet Below $30K or Are the Bulls Staging a Recovery? (BTC Price Analysis)

Technical Analysis

The Daily Chart:

On the daily chart, the price has repeatedly tested the $30K level since breaking above it recently. While this level has provided support so far, there are concerning indications in the form of a bearish divergence seen in the RSI indicator.

This suggests the possibility of a correction or reversal in the near term. Should a decline occur, the 50-day and 200-day moving averages at approximately $28K and $26K marks, respectively, could act as significant support levels.

Conversely, if the price continues its upward momentum, a move toward the $38K resistance zone becomes a plausible scenario. #bitcoin #crypto2023