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Bitcoin plunged in the short term and now it is challenging a major demand area. The bias remains bearish, so it remains to see how the price will react. It was trading at 30,665 at the time of writing above today's low of 29,011.
It has dropped by 11.15% from 32,650 yesterday's high to today's low. In the last 24 hours, BTC/USD is down by 2.02% and by 21.84% in the last 7 days. Bitcoin's sell-off forced the altcoins to drop.
BTC/USD rebounded by it has found strong resistance at the weekly S1 (31,807) and now it pressures the 30,261 static support. As you can see, the price registered only false breakdowns below this level and through the lower median line (LML) of the descending pitchfork.
As long as it stays above the lower median line (LML), BTC/USD could still rebound. 28,800 is seen as critical support. Technically, after its massive drop, a rebound is in the cards, but don't forget that the bearish pressure remains high as long as it stays under the 32,967 key level.
A valid breakdown below the lower median line (LML) and through the 28,800 could activate a larger drop.
Staying above the LML and above 28,800 could signal a potential rebound in the short term.
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