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Technical market outlook (Bitcoin):
The BTC/USD was unable to increase and eventually broke to the downside. This resulted in a considerable liquidation cascade and a drop below the critical support level of $30,962.
Bitcoin dropped strongly from the price of $30,962 to reach the bottom price at $27,713, but the trend rebounded from the lowest price to close at $30,101 (currently price).
Bitcoin can stage a relief rally within the $30,962 to $27,713 range, but selling at resistance could still keep BTC in a strong bear trend.
The bulls must set above the price of $29,338 in order to resume the up trend. Closing above the pivot point ($29,338 ) could assure that BTC/USD will move higher towards cooling new highs.
BTC broke below the $30,247 support on May 12, 2022 and later slipped below the psychological level at $29,338. The bulls bought the dip to $27,713, which has started a relief rally.
Right now, BTC has been set above the strong support at the price of $29,338, which coincides with the 50% Fibonacci retracement level.
This support has been rejected three times confirming the veracity of an uptrend. The market is likely to show signs of a bullish trend around the spot of $29,338.
Trading BTC/USD : Bitcoin
The trend is still bullish as long as the price of $29,338 is not broken. Thereupon, it would be wise to buy above the price of at $29,338 with the primary target at $30,962.
The volatility is very high for that the BTC/USD is still moving between $29,338 and $30,962 in coming hours. Consequently, the market is likely to show signs of a bullish trend again. So, it will be good to re-buy above the level of 30,962 with the second target at $31,500 and further to $32k in order to test the daily resistance 2.
Then, the BTC/USD pair will continue towards the second target at $32,000 (a new target is around $32,000).
Alternative scenario :
The breakdown of $27,713 will allow the pair to go further down to the prices of $26,000 and $25,500.
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