Why Bitcoin bulls should be excited about a price drop below $30k

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Why Bitcoin bulls should be excited about a price drop below $30k
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  • 📰 CryptoAmb
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If you are a long-term investor in Bitcoin, you need not be worried about the price drops as the trend remained in bullish favor.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.The dwindling spot CVD highlighted the risk buyers are taking upon bidding for the king crypto.

On the 4-hour price chart, the short-term range that Bitcoin established in recent weeks was plotted in orange. It extended from $29.8k to $31.5k. The $29.7k was a likely target for prices to drop to, as it would likely trigger stop-loss orders from buyers as well as trick early bears into selling BTC. An upward reversal can commence after collecting this liquidity.

The brief foray past $31k served as a liquidity grab before prices reversed their trajectory and appeared to be headed for the range lows once more. At press time, BTC was trading at $30.4k, and the RSI showed the bullish momentum has waned.

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CryptoAmb /  🏆 22. in CA

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