Share this article

Bitcoin Under Pressure, Faces Support at $30K

Contracting Bollinger bands suggest a big move is overdue.

Updated Sep 14, 2021, 1:25 p.m. Published Jul 15, 2021, 10:00 a.m.

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.

STORY CONTINUES BELOW

Don't miss another story.Subscribe to the Crypto for Advisors Newsletter today. See all newsletters

By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

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

Bitcoin Technical Analysis

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.