Bitcoin Price Is About To Break Below $ 30,000, Trader Warns After 9% Daily Loss

Bitcoin (BTC) price traded worryingly near the $ 30,000 support on June 8th amid new bearish forecasts.

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

BTC price suggests movement “below $ 30,000”

Data from Cointelegraph Markets Pro and TradingView followed BTC / USD as the couple lost 9% overnight on Monday.

No good news could help bullish momentum: Potential advances in rollout in Latin America did not contribute to price promotions.

Bitcoin Price Is About To Break Below $ 30,000, Trader Warns After 9% Daily Loss
Bitcoin Price Is About To Break Below $ 30,000, Trader Warns After 9% Daily Loss

The US Treasury Secretary, Janet Yellen also failed to improve her mood when she was in favor of higher inflation.

Bitcoin price fell to $ 32,000, and at the time of this writing it has jumped to $ 33,000.

For the popular trader Crypto Ed, the prospects were uninspiring, and it was even under $ 30,000 in it.

“The award made the white ABC that I published before the weekend”, You He said to your Twitter followers related to an expected price rotation.

We are in positive territory now but I would expect another leg down today followed by a jump to ~ $ 35,000. From there another drop to less than $ 30,000 or “just up again” but this last one really feels more like a miracle. “

Crypto Ed BTC price chart with ABC structure. Source: Crypto Ed / Twitter

Moving averages raise the alarm

As reported by Cointelegraph, Traders are already on the verge of a potential “death crossover” with two major moving averages that could spell further decline.

This could extend beyond the short term, pointed out Cane Island Alternative Advisors Investment Manager Timothy Peterson, thanks to the BTC / USD pair has now stayed below its 200-day moving average for nearly three weeks.

“This figure has always marked the end of a bull run and the beginning of a bear market”he added in his comments on Monday.

Graph of the behavior of the Bitcoin price against the 200-day moving average. Source: Timothy Peterson / Twitter

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