The chart for Bitcoin BTC/USD does not look good.
In January, $30,500 was an important support level for Bitcoin. After holding above it, a large move followed.
It has also been support for the past two months, but now this support seems to be breaking.
It’s coming out of a bearish descending triangle pattern — an illustration of sellers becoming more aggressive. This means they have been willing to accept lower prices.
The buyers have been complacent. They have waited for the sellers to come to them. This combination of aggressive sellers and complacent buyers is bearish. It means there’s a good chance BTC breaks this support and continues to trend lower.
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