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Bitcoin could continue its decline up to $30,000 in the near term

Overview of the situation around the cost of bitcoin

Bitcoin remains anchored in its major downtrend for almost three months and could continue to retreat to its lows of last year at around $30,000 in the coming weeks.

In any case, this is what the technical analysis of BTC / USD suggests, which remains clearly bearish, with highs and lows falling lower and lower and attempts to rebound - as has been the case for a few sessions - that do not result in any significant increase.

The current attempt to rebound Bitcoin may actually be an opportunity to position itself on the downside since BTC/USD is currently coming back to test a major resistance at $40,000. Given the weak bullish momentum, sellers could quickly regain control at this important threshold, which corresponds not only to a psychological threshold, but also to the September trough sunk last month.

A period of consolidation will be expected before a bullish reversal

If the $40,000 is exceeded, the bearish outlook would be weakened, but this would be an insufficient signal to consider a bullish reversal. For this, it would be necessary to at least wait for an exit from the top of the Bollinger bands of the daily time unit, ideally after a period of consolidation as was the case last year. The market had fallen more than 50% in a few months, then consolidated for several weeks at about $30,000 before embarking on a bull rally to its former highs at about $65,000.

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