Bitcoin slides to $29,200 after bears mount a strong defense of $29,700 Bitcoinprice BTC crypto
- Financial markets traded in the red on Thursday as uncertainty about future interest rate hikes left investors unsure about their level of risk moving forward, prompting many to adopt a wait-and-see approach before they decide to increase their exposure.
Data provided by TradingView shows that Bitcoin bulls attempted to push towards the $30,000 support/resistance level, but were stopped short at $29,700 by bears, who smacked Bitcoin's price back down to support at $29,200.“August Bitcoin futures prices [were] firmer in early U.S.
The 200-day moving average is currently around $26,500, which means Bitcoin could decline by another 8% from its current level to retest the 200MA.“This level might coincide with the seasonal decline in September, the weakest and only negative month based on ten years of historical analysis,” Thielen said. “Bitcoin has declined, on average, by -4% in September, with the last six September experiencing negative returns.
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