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Bitcoin Seen at Risk of Resuming Slide If $29,000 Support Fails

  • Recent recovery may be a blip for the largest cryptocurrency
  • Bitcoin still faces resistance at $40,000 if level holds: BI

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.