Title: BTC Drops Below $30k Level Following Positive Weekly Close

Jun 07, 2022 04:00 AM ET

By: AnalysisWatch

Bitcoin (BTC) has fallen below the $30 thousand level in the last 24 hours.

BTC tried to retest the $31,700 level, but a bearish surge followed.

If the current candle forms a higher low than the previous day, then BTC may be setting up for a bullish move.

Bitcoin (BTC), the largest cryptocurrency by market capitalisation, has fallen below the $30 thousand level in the last 24 hours after rising to above $33 thousand yesterday, according to CoinMarketCap data.

BTC's price drop in the last 24 hours came after it posted its first green weekly candle after nine weeks of red weekly candles. This may be due to traders taking profits.

According to the cryptocurrency market tracker, the price of Bitcoin is now hovering around $29,490.63, representing a 5.48% drop in the last 24 hours. As a result, the price of Bitcoin has also fallen by 6.89% in the last seven days. The market value of the coin now stands at USD 561.71 billion.

BTC has fallen below the 9 EMA

The price of Bitcoin has fallen below the 9 EMA lines, as can be seen in the daily chart for BTC/USDT. BTC attempted to retest the USD 31,700 level, but a bearish surge ensued, causing the price to fall back to the current level.

This is the second time in the last seven days that BTC has tested this level, with the last attempt yielding the same result. However, it seems that the bulls are trying to keep the BTC price above the 9 EMA line, as the current candle has a small wick underneath it, which represents buyers trying to keep the price above a certain level.

This may be a buying opportunity for investors as two attempts have twice exceeded the USD 31,700 level. If the current candle forms a higher low than the previous day, an ascending triangle will form, which may be the setup for a bullish move to USD 36,000.