The BTC price is currently caught within a firm bear trend, with buyers unable to spark any sustained uptrends. The world’s leading crypto momentarily fell below $30K in today’s sessions after being rejected from highs of $34,500 seen yesterday.
The intense selling pressure that caused the latest dip has been hindering bitcoin’s uptick over the past week, and it is showing few signs of letting up.
BTCUSD has reclaimed the $30K support at the time of writing, but investors should anticipate further near-term losses due to the ongoing market sell-off.
BTCUSD Chart By TradingView
The bulls now face an uphill task to invalidate the ongoing bearish trend and catalyze a strong move to the upside.
Bulls Can Take Back Control If they Breach $34,500
According to one analyst, the bulls could still take back control of the short term BTC price action and reverse the downtrend if they can break above one crucial level.
Trader George pointed to the recent retest of the $34.5K level as a positive sign that the BTC price could climb higher despite trimming gains in several downward spirals.
The analyst explained that investors should closely watch to see if the bulls can reclaim that level, as it could open the doors for a rally to $40K.
“BTC: That $34,500 level wasn’t random btw. Perfectly capped upside yesterday. Reclaim that and I think we see 40k+,” Trader George tweeted.
In the coming sessions, the bulls will have their work cut out if they are to achieve a strong bullish trend reversal and propel the bitcoin towards $40K in the days ahead.
XRP Price Tests Crucial Support
The XRP price is showing bearish signs below the crucial $0.2600 support level as Ripple’s legal woes continue to pile. The fifth-largest cryptocurrency, according to crypto data aggregator CoinMarketCap, now faces the risk of nose-diving if there is a close below $0.2550.
As of this article’s writing, the XRPUSD pair is down 4.6% at its price of 0.2509. XRP is now trading at a crucial juncture; the embattled altcoin could either rally to above $0.2750 or spike lower to the $0.2150 support.
XRPUSD Chart By TradingView