Bitcoin continues to struggle to gain any momentum and move up from last week's tumble to $30,000 USD. There are a lot of things contributing to Bitcoin and the crypto market volatility.
We've had news from China, Elon Musk, and of course leveraged position that had to sell due to initial moves downward. There really isn't just one thing alone contributing to BTC struggles.
One of the most important things to remember with Bitcoin is that it is volatile and up and down swings are normal.
We're currently sitting at $39K and need to pull up above the 200 day moving average. The 200 day MA is sitting at around $40,500 USD. A move up above that would put us back on the right track but we'd need to keep moving up afterward. It's a good target to keep an eye on since it's so close and seems within reach!
Aside from that we are also seeing a low but not dramatically low RSI, sitting around 36. The current price is sitting in the lower Bollinger band and not in a range to signal a major change today.
All in all things look bearish and the longer this drags out the harder it will be to return to a bullish outlook. We still have some time to right the ship but at the moment Bitcoin needs a rescue!
Keep watching the charts! 📈
Please note : this is opinion and should not be taken as financial advice.