Bitcoin at $30k, but these analysts don’t trust it

As you could read this morning in the daily bitcoin market update, the BTC price has risen sharply! At the time of writing, however, the price is struggling with significant resistance. According to analyst Venture Founder, there is also one bear divergence shown on the daily chart. He therefore expects a downward correction.

Bitcoin price correction on the menu?

CryptoQuant’s analyst analysis shows that the price is rising, but the relative strength index (RSI) drops. This divergence is also called a bearish divergence and may indicate that the bulls are losing power. This is despite the recent move above $30,000.

“Bitcoin Daily Bearish Divergence Remains Intact.

Key resistance at $30k BTC, it will be a tough climb.

Looking for a short term correction to at least $25k soon, potentially up to $22k.”

Bitcoin last traded in the price zone near $30,000 in June 2022. Then this zone acted as support which BTC later fell through with a major nosedive. This price zone can therefore act as strong resistance where traders prefer to cash in some of their profits.

The analyst mentioned above therefore does not expect the bulls to be able to push through at once, although nothing is impossible in crypto, of course. A correction may find support at $25,000 or $22,000, according to Venture Founder.

Read Also:  Bitcoin Price Rally: Experts Reverse Initial Forecast, Predict Further Upsurge

Crypto Analyst Il Capo Dons Bearish Hat

The now well-known analyst Il Capo of Crypto also holds the bearish hat on. The analyst is known for calling the current move up that’s been happening in recent weeks “the biggest bull trap ever”.

Today, the analyst congratulated all the bulls who have remained respectful and predicted a bitcoin price of $30,000. Thereafter emphasized he reiterates that his bearish scenario is “NOT invalidated” yet:

“No, not yet disabled. The nature of the move is still the same (bear market rally/short squeeze) and I still see signs of obvious manipulation. New lows are still likely according to my system, and a capitulation event could still come.

I stick to my plan.”

When his bearish scenario would be invalidated is not entirely clear.

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