A bunch of golden bitcoin, digital currency
Over the past week Bitcoin
In a series of charts he emailed on Saturday he believes that Bitcoin could break below support levels and $30,000 is in play. The first chart has a slightly ascending support line that shows Bitcoin touching approximately $35,000.
Bitcoin ascending support line with circles
His second chart has a vertical support line dating back almost a year to June 2021 when Bitcoin was about $29,000. With Bitcoin falling $1,200 to $34,600 in the past few hours this support level could come into play.
Bitcoin horizontal support line with circle
One of the big risks is Bitcoin falling further and becoming a risk off asset as the Fed raises interest rates and fixed income investments become an alternative. It also does not have any moving day support.
Bitcoin price chart