On June 8, 2021, Bitcoin (BTC) is trading near the $30,000 support amid new predictions of incoming lows. A breakout to avoid a severe dip would be a ‘miracle’ according to Crypto Ed. Currently, it seems like storms are brewing for the bitcoin bulls.
Data acquired from TradingView followed BTC/USD as the pair offloaded 9% overnight on Monday. No amount of good news could help the bulls, with possible adoption breakthroughs in Latin America doing absolutely nothing to boost the dwindling price action.
The US Treasury Secretary Janet Yellen also did not manage to lift the mood when she said that she supports higher inflation rates. Instead, BTC stumbled to $32,000, and at the time of writing, it has rebounded to $33,000.
The outlook was uninspiring for the popular trader Crypto Ed and featured a trip below the $30,000 mark. He told Twitter followers, referring to a prediction price rotation:
“It did the white ABC I posted before the weekend. Now in a green box but I’d expect 1 more leg down today, followed by a bounce to ~35k From there down again, sub 30k, or ‘up only’ again, but the latter feels more like a miracle tbh.”
Moving Averages Raise Alarm
Based on previous reports, traders are already on edge over a possible ‘death cross’ that involves two key moving averages that might result in a further downside movement for bitcoin. Timothy Peterson, the Cane Island Alternative Advisors investment manager noted that this trend could extend beyond the short term.
Bitcoin is now lingering below the 200-day moving average for nearly three weeks. He said:
“This metric has *always* marked the end of a bull run and the start of a bear market.”