The chart does not show a sustained demand for Bitcoin’s price growth. Yesterday’s price increase was a temporary positive change but has been negated by today’s trading activity. As mentioned earlier, there is a higher likelihood of the price breaking below the critical support level in the 4-hour timeframe. If we observe strong bearish candles closing below $29,760, accompanied by high transaction volume, it’s likely that there will be a correction in Bitcoin’s price over the course of the week.
In case the support level of $29,760 is breached, we may see the price correcting in two stages. First, it could drop to the range of $28,850-28,570, and then possibly further down to the support range of $27,800.
