The price of Bitcoin is down 5.80% at $29,526.36 on mid-Tuesday trades.
The crypto market has been struggling to find a direction in the unpredictable market since there is no directional bias either indicating an uptrend or a downtrend.
Bitcoin price is currently trading at its favorite psychological level and a level that it has traded at for the last month. Bitcoin prices rose 4.9% on Monday, ending at around $31.5K. However, on Tuesday morning, the cryptocurrency collapsed 7% to $29.5K, the second such bear attack in the past seven days. Both were of similar magnitude, but the latter should have a more considerable negative effect. It more than offset Monday’s gains and temporarily brought the price back to levels from May 30.
The consolidation in Bitcoin price has been going on for more than a month. Earlier it formed a triangle with decreasing amplitude of fluctuations, but since the end of last month, it became more like a sideways pattern, from which it makes several failed attempts to break upwards.
On the technical side, the RSI of Bitcoin stood at 43.97 and is currently trading below all SMAs: MA (5), MA (20), and MA (50) and the following opportunity can be taken:
TRADE SIGNAL: BITCOIN – SELL: 27780, TARGET: 25350, AND STOP-LOSS: 29215