09.05.202217:43 Forex Analysis & Reviews: Bitcoin approaches major support at $30,000.

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Bitcoin remains in a short-term bearish trend as price continues making lower lows and lower highs. Recently price broke out and below the trading range it was in, by failing to hold above $38,000. Price is now heading towards our next key support level at $30,000.

Green lines- support levels

Bitcoin has broken through key medium-term support levels and is now approaching the major low area around $30,000. There is no sign of a reversal. Bears remain in control of the trend. $30,000 is a major support area and I expect it to be tested. Failure to hold above $30,000 will lead Bitcoin price much lower. Bulls need to recapture $40,000 in order to reclaim control of the trend.

Alexandros Yfantis
Analytical expert of InstaForex
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