While Bitcoin is higher for a fourth day, some closely-watched technical measures suggest that prices could drop to the lowest since December 2020 if the largest cryptocurrency fails to maintain support at $29,000.
Bitcoin is trading above $30,000 on Tuesday as it recovers from a sharp decline in the past three weeks. However, it’s still down 16% in May. Smaller tokens have bounced back as well, with Ether nearing $2,000 and Cardano’s ADA spiking by as much as 25%, partly due to its network upgrade.
