Bitcoin up 7% to near $35,000 currently


The weekend brought about some nerves as price dipped to a low of $30,173 but once again, buyers kept a defense of the key psychological level at $30,000 - at least for now.

As much as the bounce may look impressive, it is once again not anything significant when looking at the technical picture for Bitcoin.

Price action is still largely consolidating around $30,000 to $40,000 with the latter level still keeping a lid on things alongside the 200-day moving average (blue line).

Unless buyers can hold a firm break of those levels, there is still much reason to be cautious about any bounce in the interim.

On the flipside, a daily break below $30,000 would pretty much open up the next leg lower in Bitcoin and the drop that follows is likely to be a rather sharp one.