Last week, a crypto market analyst, TraderKoz said that if BTC could hold the $37,000 support line over the weekend, its chances of regaining the $42,000 resistance level would grow. However, if BTC failed to hold this support line it could drop to levels between $30K and $35K.<\/p>\n
Now, the weekend has come and gone, and Bitcoin is sitting at $34.5K firmly below $37,00, and it could fall even further.<\/p>\n
Looking Forward to Meeting You at iFX EXPO Dubai May 2021 – Making It Happen!<\/strong><\/p>\n TraderKoz is not the only one who thinks that BTC could be in for further price drops. CoinTelegraph cited anonymous crypto market analysts @noshitcoins, who said that derivatives and on-chain data could signal more shrinkage in the price of Bitcoin.<\/p>\n Market sentiment seems to be flashing toward further drops. The Bitcoin Fear & Greed Index, which shows an approximation of how likely BTC traders are to buy (greed) or sell (fear) their coins flashed at\u00a0\u2018<\/span>extreme fear\u2019\u00a0<\/span>on May 29th, the last time that the account posted on Twitter.<\/p>\n — Bitcoin Fear and Greed Index (@BitcoinFear) May 29, 2021<\/p>\n<\/blockquote>\n Literally nobody is interested in #Bitcoin at $35,000.<\/p>\n — Micha\u00ebl van de Poppe (@CryptoMichNL) May 30, 2021<\/p>\n<\/blockquote>\n The consensus among analysts seems to be that $30K may be the stopping point. Market analyst @j0hnnyw00 wrote on Twitter that BTC will \u201cretest the bottom of the wedge (~30k) and bounce from there (sic).\u201d<\/p>\n — Johnny Woo | Never DM you for Money (@j0hnnyw00) May 25, 2021<\/p>\n<\/blockquote>\n While it has come close, BTC has not yet dropped below this point since early January 2021; some analysts are predicting that if BTC hits below $30K, further drops to even lower figures could follow.<\/p>\n — Autism Capital \ud83e\udde9 (@AutismCapital) May 30, 2021<\/p>\n<\/blockquote>\n At the same time, there seems to be a group of investors that are seeking to stack more BTC should the price drop below $30K. Bitcoin and crypto investor Lark Davis wrote on Twitter that he \u201cWould love to pile up on some more #bitcoin under 30k, more #ethereum under 2k, and would get into some #defi blue chips if their prices drop much further (sic).\u201d<\/p>\n — Lark Davis (@TheCryptoLark) May 30, 2021<\/p>\n<\/blockquote>\n However, some analysts believe that a drop below $30K is highly unlikely for Bitcoin. Last week, Glassnode Co-Founders, Yann Alleman and Jan Happel wrote on Twitter that there was strong support for the $30K level.<\/p>\n This shows how many investors support the 30k #Bitcoin level.<\/p>\n A coin realizes a loss if the price at its last movement was higher than the price of its current movement.https:\/\/t.co\/6YR4sHCJTk pic.twitter.com\/iKbkwrDUyQ<\/p>\n — Yann & Jan (@Negentropic_) May 26, 2021<\/p>\n<\/blockquote>\n Will BTC drop below $30K? Let us know in the comments below.<\/p>\n\n
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How Low Could BTC Go?<\/h2>\n
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Green: breaking the resistance and maintain the uptrend.
Red: retest the bottom of the wedge (~30k) and bounce from there. pic.twitter.com\/8L26kQvf7X<\/p>\n\n
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