Cryptocurrency News

Trader Warns After 9% Daily Loss As Bitcoin Price Breaks Below $30K

bitcoin (B T c) traded worryingly near the $30,000 support on June 8 amid fresh predictions of an impending low.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC Price Indicating A Move To “Less Than $30,000”

data from Cointelegraph Bazaar Pro and trading view BTC/USD followed as the pair fell 9% overnight on Monday.

With potential adoption success in Latin America, no good news was able to help the bulls. doing nothing To promote sluggish price action.

US Treasury Secretary Janet Yellen also failed to lift the mood when she voiced support for higher inflation.

Instead, bitcoin fell to $32,000, rallying to $33,000 at the time of writing.

For popular trader Crypto Ed, the outlook was bleak – and even included a trip below the $30,000 mark.

“This white ABC I posted the weekend before,” she said, Told Twitter followers, referring to the forecast price rotation.

“Now in the green box, but I would expect 1 more leg down today, followed by a jump to ~35k, then down again to 30k, or ‘just up’, but the latter feels like a miracle tbh. “

Crypto Ed’s BTC price chart with ABC structure. Source: CryptoAd/Twitter

Moving averages cause alarm

as Cointelegraph ReportedTraders are already on edge on a potential “death cross” involving two major moving averages that could move further downwards.

This could go further in the short term, says Cane Island Alternative Advisors Investment Manager Timothy Peterson. famous, thanks to BTC/USD, which has been below the 200-day EMA for almost three weeks now.

“This metric has *always* marked the end of a bull run and the beginning of a bear market,” he added in comments on Monday.

Bitcoin price behavior vs 200-day moving average chart. Source: Timothy Peterson/Twitter