Bitcoin Under Pressure, Faces Support at $30K

Bitcoin's quick recovery from 2 1/2-week lows below $32,000 seen Wednesday doesn't seem to have inspired buyers. The cryptocurrency is currently trading 3% lower on the day near $31,750 amid fresh signs of bearishness in daily chart indicators.

• The 14-day relative strength index (RSI) has dropped below the two-month rising trendline. The pattern indicates that price consolidation may end with a bearish move.
• The MACD histogram, an indicator used to identify trend changes and gauge trend strength, is teasing a bearish crossover below zero.
• However, intermediate-term studies favor a bullish breakout from the ongoing price squeeze.
• On the higher side, the 50-day simple moving average at $35,240 remains the level to beat for the bulls.
• Contracting Bollinger bands suggest a big move is overdue.

Also read: Bitcoin Little Changed Amid Uncertainty in Release of Grayscale Shares