Bitcoin faces a precarious weekend

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graph continues to explain the dangers of Bitcoin.

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Bitcoin is still largely consolidating between $ 30,000 and $ 40,000 in the big picture of things, but with each passing day things are not looking too good for cryptocurrencies, at least from a technical point of view.

Since the sharp drop in May, there have been two attempts to get back above $ 40,000 and they have failed. Subsequently, the last series of bounces was quite disappointing as each new high is shallower than the rest.

This is leading to the pattern of lower highs and lows in recent weeks and this is not a convincing sign that an uptrend reversal is approaching.

daily close today and over the weekend will be significant as Bitcoin’s approaching $ 30,000 could easily threaten a decisive break below the figure level and the price could run from there. rapidly downward.

On the other hand, it is Bitcoin and another test of the key support level could trigger technical buying, although that puts things back in the current range.

In any case, if you just follow the charts, Bitcoin is in a pretty precarious position and the recent price action is favoring sellers ahead of a key $ 30,000 test.

Read also XRP and Ethereum Classic up 10% in a slight market downturn

In fact, this will become another milestone for Bitcoin, as the gains for the year are threatened, having started 2021 at ~ $ 29,000.

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