Bitcoin (BTC) Price Plummets to $29.3K Significant Support Level

For more than three weeks, the Bitcoin (BTC) price oscillated between $33000 and $28500. Since then, the coin’s price has dropped 9.42% and is now hovering around the $28500 support level after recently reversing from the overhead resistance. Prices for Bitcoin (BTC) have been steadily declining since the beginning of April, and they recently hit a low of $26,350. This downtrend’s decline recorded a 44.54 percent drop from the most recent swing high of $48068.

BTC/USDT: Source: TradingView

On the other hand, the BTC purchasers maintained their support around $28500 and began to move to the side. Coin price created a descending triangle pattern during the first three weeks of consolidation, then a decisive breakout from its trend line pushed it to the $33000 barrier.

It was not enough to overcome the overhead resistance, so the rally continued in a range-bound fashion. BTC’s recent decline from the $33000 level has indicated a possible return to the $28500 level and is now trading at $29,507. The price has found interim support at $29.3k.

Bitcoin ETPs Witness Spike

Despite a lateral stroll in price, the RSI slope is producing a steady higher high, indicating a breakthrough from the $33000 level is imminent. Indicators such as the Bollinger band have tightened their range, emphasizing a sideways rise. The price level and this indicator’s upper band must be broken before a breakthrough may occur. Bitcoin ETPs currently handle a record amount of BTC, according to data provided this week by research company Arcane Research.

Despite BTC’s price movement failing to attract buyers at more than 50 percent below all-time highs, not everyone feels risk-averse. According to Arcane’s statistics, institutional investors have shown interest in Bitcoin ETPs this month and the previous. There are currently more than 205,000 BTC in total under the supervision of Bitcoin ETPs, which include products like the ProShares Bitcoin Strategy ETF.


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