Bitcoin moves up by over 2% to just above $30,000
The drop below $30,000 yesterday failed to really extend too much with the low capped at around $29,300 before the swift push higher currently.
The $30,000 mark is an important psychological level so for now, buyers are showing some signs of life at least. That said, the underlying trend still suggests that Bitcoin is under pressure and there needs to be more convincing when it comes to the charts.
The light bounce here doesn't take away from the recent trend of lower highs, lower lows and reaffirms some defense around the region of $28,732 to $30,000 for now.
If buyers can work their way back towards $32,000 and keep at that, perhaps there may be a stronger argument - from a technical perspective - to stay afloat.
But in the context of the bigger picture, it still does not take away from the pressures of staying below $40,000 and the crossover of the 100 and 200-daily moving averages.
