The price of Bitcoin will fall below $30,000, and traders will issue a warning after a daily loss of 9%


Bitcoin (Bitcoin) It was worryingly close to the support level of $30,000 on June 8th because of the new forecast of the upcoming lows.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

BTC price hints at the trend of “below 30,000 USD”

Data from Cointelegraph Markets Pro with Transaction view Following BTC/USD, the currency pair fell 9% overnight on Monday.

There is not much good news to help the bulls, and the potential adoption breakthrough in Latin America is obvious do nothing To boost sluggish price movements.

US Treasury Secretary Janet Yellen also failed to boost sentiment when he expressed support for higher inflation.

Instead, Bitcoin fell to $32,000 and rebounded to $33,000 at the time of writing.

For popular trader Crypto Ed, the prospects are not optimistic-even including travel below the $30,000 mark.

“It made the white ABC that I released before the weekend,” he tell Twitter followers, referring to predicting price changes.

“Now in the green box, but I expect to fall one more leg today, then rebound to ~35k, then fall again, below 30k, or’up’ again, but the latter feels more like a miracle.”

Crypto Ed’s BTC price chart uses an ABC structure.Source: Encrypted editor/Twitter

Moving averages cause alarms

As Cointelegraph Report, Traders are already nervous about a potential “death cross” involving two key moving averages, which could mean further downside.

This may go beyond the short-term, Timothy Peterson, Investment Manager, Cane Island Alternative Advisors famousThanks to BTC/USD now hovering below its 200-day moving average for nearly three weeks.

“This indicator *always* marks the end of a bull market and the beginning of a bear market,” he added in his comments on Monday.

Bitcoin price behavior and 200-day moving average chart.Source: Timothy Peterson/Twitter