Bitcoin has experienced some sell-off over the past few hours and has slipped below the $30k mark for the first time since June.
The cryptocurrency market experienced yet another bearish trend, with Bitcoin losing over 4% of its value in the past 24 hours. The loss saw the leading cryptocurrency lose its position above $31k, and it is now trading below the $30k mark.
Bitcoin’s performance rubbed off on the other major cryptocurrencies. ETH is down by 6.70%, dropping below the $1,800 mark again, while Binance Coin (BNB) lost its $300 support level and is now trading around $260 per coin.
Cardano, XRP, Dogecoin and Polkadot are all trading in the red zone. Analysts are not optimistic about Bitcoin’s short-term price target and believe it could fall below the $29k support level soon.
Let's see how many times the $31,000 support is going to hold for #Bitcoin or whether it cracks through it, seeking for liquidity <$29K.
— Michaël van de Poppe (@CryptoMichNL) July 19, 2021
BTC price outlook
The BTC/USD 4-hour chart indicates that the leading cryptocurrency is in an extremely bearish situation at the moment. Bitcoin has lacked support over the past few days, and this has led to its price losing major levels above $32k and $31k.
Bitcoin has dropped below the $30k for the first time in weeks, and the leading cryptocurrency could experience a further decline over the next few hours. If the current trend continues, then Bitcoin could drop to its 30-day low, which currently stands at $28,800.
BTC/USD chart. Source: Coinalyze
The RSI at 28 indicates that Bitcoin is currently in an oversold condition. The MACD line is also in the bearish territory, indicating that the BTC/USD pair could experience further losses.
However, if the market is to recover over the next few hours, then Bitcoin could regain its support above the $30k point. An extended rally could bring the sub-$31,000 levels into play, with a major resistance level awaiting the cryptocurrency at $31,795.