Yesterday, there was a lot of selling activity in the market. The price of Bitcoin dropped below $30,000 for a while, but it bounced back when it reached one of the predetermined support levels on the chart, specifically around $29,645. Earlier, it was suggested that this support level could cause a positive reaction, but given the current bearish short-term trend, there is a higher likelihood of the price breaking the lower boundary of the channel. To change the short-term trend to a bullish one, Bitcoin needs to surpass the resistance at $30,350. Otherwise, the short-term trend will continue downwards, increasing the chance of breaking the support level.
If Bitcoin fails to break through the resistance at $30,500, it may continue to decline. There is an immediate support level around $29,645 if the price moves downwards. The next significant support level is around $29,550, and if that level is breached, the price could drop further towards the support zone around $29,200. If the losses continue, the price might reach the $28,750 level in the near future.
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