The situation is not looking good for cryptocurrencies, with all attempts to turn bullish being met by sellers at some level, so that they have failed to resume the uptrend. For Bitcoin, moving averages were doing a great job as support indicators during the bullish trend, until the middle of April, which is when the climb stopped for this crypto.

For a number of other major digital coins, the bullish trend continued for another month until the middle of May. That was a sign that Bitcoin was going to see some tough times ahead. It wasn’t long before the crash came, as China declared war on Bitcoin and the cryptocurrency market in general, banning Bitcoin mining in certain provinces.

As a result, the crypto market crashed, losing between 50% and 75% of its value, with Bitcoin falling to $30,000. That major support level held for a month, until the middle of June, when the second wave of selling came, pushing cryptocurrencies to new lows.

Bitcoin Live Chart

BITCOIN broke below the $30,000 level and bottomed out at $29,000, although that’s still considered to be part of the $30,000 support area. The price bounced off that level and climbed above $36,000. But, buyers couldn’t push above the moving averages, including the 20 SMA (gray), which has turned into support, aided by the 50 SMA (yellow) in particular, which is pushing the price down.

The stochastic became overbought, and it is now reversing down, as is the Bitcoin price. So, the highs keep getting lower and the MAs keep pushing the BTC/USD down, which is obviously negative for the pair. However, sellers seem scared to hold onto their trades too long when the price approaches $30,000, so it’s not a certain thing. But, we should watch this latest bearish reversal, to see if sellers can push down there, and even lower to $20,000, or if buyers will push above the 20 and 50 SMAs.