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Bitcoin price faces rejection at 21-day trendline: How far can BTC plunge?

Bitcoin price faces rejection at 21-day trendline: How far can BTC plunge?

BTC price fails to hold above $30,000 after a brief resurgence, causing concern among Bitcoin traders.

– BTC price sinks through $30,000 after rejection at the 21-day SMA.

– Analysts predict a return to range lows and another sweep of the low for Bitcoin.

– Volatility could increase due to rising open interest.

– On-chain monitoring suggests a temporary peak may be in for BTC/USD.

– Lack of bid liquidity below $30,000 mark according to Binance order book data.

– Strong tech earnings and a slowdown in US jobless claims boost the US dollar.

– The US Dollar Index (DXY) gains ground to near 101.

– The relationship between BTC price performance and DXY strength is changing.

– This article does not provide investment advice or recommendations.

Summary:

– BTC failed to hold above $30,000 and may return to range lows.

– Analysts warn of another sweep of the low for Bitcoin.

– Volatility could increase due to rising open interest.

– On-chain monitoring suggests a temporary peak for BTC/USD.

– Lack of bid liquidity below $30,000 mark according to Binance order book data.

– Strong tech earnings and a slowdown in US jobless claims boost the US dollar.

– The US Dollar Index (DXY) gains ground to near 101.

– The relationship between BTC price performance and DXY strength is changing.