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Bulls Come Together for BTC Opportunity Following Drop to $29K

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30K continues to play a strong role in BTC price
24
May
  • The price of Bitcoin (BTC) has dropped in the last 24 hours to $29,344.80.
  • Bulls pounced on the opportunity immediately after the coin was dumped to $29K.
  • Bulls may be attempting another test of the $30K level.

The price of Bitcoin (BTC) has dropped in the last 24 hours to $29,344.80 – which is an approximate 2.57% fall in price, according to CoinMarketCap.

BTC’s price is down slightly over the last 7 days as well, experiencing a dip of around 3.36%. The 24 hour price movement of BTC has added to the loss it made over the last 7 days.

In terms of BTC’s performance against Ethereum (ETH), BTC has weakened against ETH. At the time of writing (7:00 AM GMT + 2), 1 BTC/ETH coin is worth 14.77. This is a 0.56% decrease against Ethereum.

Leading the way on CoinMarketCap’s list of the largest cryptocurrency projects by market cap, BTC’s market cap currently stands at around $559,120,371,092. The daily trading volume of BTC is a statistic that has increased in the last 24 hours as the amount of trading volume for BTC has risen 41.54%. The 24 hour trading volume for BTC stands at $32,049,250,444.

$30K continues to play a strong role in BTC price

The 4 hour chart for BTC/USDT shows how the price of BTC briefly passed the $30K resistance/support line. However, as has been the case for the last few weeks, the price of BTC was not able to stay above $30K for long, as investors and traders dumped BTC down to $29K.

Bulls have been quick to pounce on the opportunity as there has already been a small bull move in the last 4-12 hours. The RSI also dumped way below the RSI SMA line, but seems to be approaching the RSI SMA again in this short move. Are bulls making another attempt at testing the $30K resistance? The RSI and buy volume in the last 3 candles suggests so.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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