Bitcoin rejects at 21-day trendline — How low can BTC price go?

Bitcoin (BTC) failed to hold above $30,000 after the July 20 Wall Street open as one analyst anticipated a return to variety lows.BTC/ USD 1-hour chart. Source: TradingViewBTC price sinks through $30,000 Data from Cointelegraph Markets Pro and TradingView tracked weak BTC price action after a rejection at the 21-day basic moving average (SMA). Sitting at $30,400, that SMA provided the days high for Bitcoin, with the market then backtracking its intraday progress entirely.BTC/ USD 1-day chart with 21SMA.” Not breaking the vital location, appears like were going to have another sweep of the low for Bitcoin,” he told Twitter followers.BTC/ USD annotated chart.

Bitcoin (BTC) failed to hold above $30,000 after the July 20 Wall Street open as one expert forecast a go back to range lows.BTC/ USD 1-hour chart. Source: TradingViewBTC price sinks through $30,000 Data from Cointelegraph Markets Pro and TradingView tracked weak BTC rate action after a rejection at the 21-day basic moving average (SMA). Sitting at $30,400, that SMA provided the days high for Bitcoin, with the marketplace then backtracking its intraday progress entirely.BTC/ USD 1-day chart with 21SMA. Source: TradingViewReacting, Michaël van de Poppe, founder and CEO of trading company Eight, cautioned that lower levels could well follow.” Not breaking the vital location, seems like were going to have another sweep of the low for Bitcoin,” he informed Twitter followers.BTC/ USD annotated chart. Source: Michaël van de Poppe/TwitterPopular trader Daan Crypto Trades added that volatility could return thanks to rising open interest.Open Interest increasing greatly near these levels.Likely more volatility ahead for #Bitcoin. Stay safe pic.twitter.com/GqUnaH20Ha— Daan Crypto Trades (@DaanCrypto) July 20, 2023

“Bitcoin Has been discovering assistance on the bottom of the range and 4H 200MA/EMA,” he continued in an additional Twitter post about the 4-hour 200-period moving average and rapid moving average. Source: Daan Crypto Trades/TwitterOn-chain monitoring resource Material Indicators meanwhile noted the significance of the 21-day SMA, recommending that a momentary peak might be in for BTC/USD. Source: TradingViewCointelegraph formerly wrote about the changing characteristics between BTC cost performance and DXY strength.Magazine: Should you orange tablet children?