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Cryptocurrencies: 12,866
Markets: 940
Marketcap: $ 2.05 T(0.79%)
24h Vol: $ 87.19 B
BTC Dominance: 48.87%

Bitcoin Price Action: $30,000 Support in Sight | Traders Eye 2023 Uptrend | Scott Melker’s Analysis

Bitcoin Price Action

  • Bitcoin (BTC) drops to new month-to-date lows, targeting $30,000 support.
  • Little sign of upward momentum, with a waning relative strength index (RSI).
  • Traders offering downside targets extending to $27,000.

Looking Ahead

  • Some traders eye the potential for the 2023 uptrend to return.
  • RSI reset to levels last seen in mid-June.

Scott Melker’s Analysis

  • Popular trader Scott Melker predicts a likely comedown target of $28,600.
  • Believes a rematch with Bitcoin’s range lows should occur.
  • Uncertain if this will be sufficient for a local floor.

Bitcoin continues its tug-of-war over the $30,000 mark, with little upward momentum and a waning RSI. Traders are offering downside targets, while some remain hopeful for the return of the 2023 uptrend. Scott Melker predicts a likely comedown target of $28,600, with a possible rematch with Bitcoin’s range lows. The overall sentiment remains cautious as the market waits for the next big move.

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