Leading crypto analyst and trader DonAlt has expressed concern over the recent price movements of Bitcoin (BTC), warning crypto investors. Emphasizing that Bitcoin is currently not showing a positive outlook, the analyst stated that if the price level the cryptocurrency is hovering on does not rise, he expects the crypto market to experience selling pressure and a subsequent decline.
The Condition for Bitcoin: $29,900
DonAlt, an anonymous crypto analyst and trader closely followed by crypto investors, stated that the price movement of Bitcoin has raised concerns for short and medium-term prospects of BTC. The analyst noted that a drop below the support level of around $29,900 for Bitcoin would be a significant sign of decline from a technical perspective.
Earlier this month, DonAlt warned that if Bitcoin were to lose the key psychological level of $30,000, it could face significant downward selling pressure and potentially drop to $20,000. The analyst stated that there is still time until the weekend for Bitcoin to reclaim the $30,000 mark before becoming more pessimistic about expectations from the largest cryptocurrency.
Looking at the Bitcoin chart shared by the analyst, it can be seen that if the price stays below $29,900 on a daily timeframe, the analyst expects a pullback to the range of $27,300 to $26,700 (green).
Bitcoin Continues to Face Selling Pressure
According to data from crypto data platform CoinMarketCap, the largest cryptocurrency Bitcoin traded at $29,222, with a 0.22% increase in the last 24 hours. With a 2.52% decrease in the past 7 days and a 3.57% decrease in the last 30 days, BTC confirms the ongoing selling pressure.
Market analysts and experts suggest that for the selling pressure to be reversed, the price needs to surpass the range of $31,000 to $32,000, although this range is currently acting as a strong resistance.
