Bitcoin faces a precarious weekend

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The chart goes on 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 standpoint.

Since the sharp drop in May, there have been two attempts to break 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.

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

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

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

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

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Indeed, this is set to become another milestone for Bitcoin as the year’s gains are under threat, having started 2021 at ~$29,000.

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