Bitcoin (BTC), the world’s largest cryptocurrency, has experienced a sharp decline recently, mirroring the broader decline in the cryptocurrency market. This has led to concerns among Bitcoin bulls, who closely monitor the cryptocurrency’s price movements to determine whether the decline will continue or stabilize the market. Downside Volatility Threatens BTC’s Support According to crypto analyst Rekt Capital, Bitcoin is hovering below a critical support level of $29,250. This is a crucial threshold for Bitcoin bulls, as a sustained breach of this level could trigger a macro trend shift and lead to a retest of lower support lines. Rekt Capital notes that Bitcoin has over a week to continue holding this support level, with the July Monthly Candle Close as an essential milestone. However, the analyst also warns that there is plenty of time for the market to shake out investors with downside volatility below this level potentially. BTC currently trades at $29,000, with the $29,250 50-day Moving Average (MA) being momentarily lost. This aligns with Bitcoin’s squeeze momentum indicator, which points to a downtrend cycle. His ..
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