At the time of writing, the pair traded below $21,000, having hit its lowest in three days after a broadly stable weekend.
Amid a general lack of bullish conviction among traders, expectations for a further drop stayed present, with Bitcoin still"Bitcoin says NO against $21K support. That's all fine. We have got levels structured," Cointelegraph contributor Michaël van de PoppeA further post argued that further lows would come to entice traders to open long positions. Support lay at $20,325 and around $20,100, and should neither hold, a dip toward $19,000 could result.
Fellow trader and analyst Credible Crypto, meanwhile, laid down the requirements to be sure that this month's $17,600 lows would not be challenged. For him, a trip to the low $30,000 range would need to ensue. "If we manage to reclaim $25,000, push up to the low $30,000s — $28, $29, $30,000 — at that point, I don't think we're going to see new lows," he"So if we're going to see new lows, I'd expect it to happen before we reclaim $25,000."
Bitcoin remained on track to close its first month ever under the 200WMA on the day, singling out the current bear market among previous ones.Meanwhile, evidence of investors buying the dip continued to mount.
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