• The price of Bitcoin (BTC), has declined below the $30k mark in 24 hours.
• BTC tried to test the $31,700 mark again, but it was met with a bearish trend.
• If the candle is able to reach a lower low than that of the previous day, BTC could be preparing for a bullish turn.

Bitcoin (BTC), which is the biggest cryptocurrency according to market capitalization, fell below the $30k mark in the 24 hour period following yesterday’s rise above $33k, CoinMarketCap reports.

BTC’s price drop over the last 24 hours came after it posted its first green weekly candle after nine weeks of red weekly candles. It could be traders profiting.

The price of Bitcoin is now at around $29490.63, an increase of 5.88% according to crypto market tracker. The price of Bitcoin has fallen 6.89% in the past seven days. Bitcoin’s market capitalization now stands at $561.71 trillion.

BTC drop below 9 EMA. Source: CoinMarketCap

Bitcoin’s price dropped below the 9 EMA line as can be seen on the daily chart for BTC/USDT. BTC tried to test the $31,700 mark again, but it was met with a bearish trend that led to the current price dropping to the level of its present level.

BTC is testing this level for the second consecutive day. The previous attempt was successful. Bulls appear to want to maintain BTC’s price above 9 EMA. The current candle is lit with a tiny wick beneath it. This indicates that buyers are trying to hold the price at a specific level.

Investors might see this as an opportunity to buy, considering that the attempts at $31,700 have already doubled. If the candle forms a lower low than that of the previous day, an ascending triangular formation will occur, which could be the beginning of a bullish move towards $36,000.

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