Buy the dip? Bitcoin price risks losing $30K as traders ‘manage risk’

Buy the dip? Bitcoin price risks losing $30K as traders ‘manage risk’

Bitcoin (BTC) hodlers got a serious test of their resolve on Jan. 11 as the largest cryptocurrency approached $30,000.

Cryptocurrency market overview on Jan 11, 2021. Source: Coin360 BTC price hits $30,250

Data from Cointelegraph Markets, Coin360 and TradingView showed BTC/USD continuing its bearish streak after Wall Street opened on Monday, taking 24-hour losses to 23%.

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The move extends a reset of the market that kicked in over the weekend after Bitcoin hit all-time highs of $42,000.

BTC/USD 1-day candle chart with 21-week moving average (Bitstamp). Source: TradingView

A slow comedown accelerated through Sunday, with Monday continuing the selling pressure with little respite for traders attempting to “buy the dip.”

While traders were hardly panicked by what remains standard behavior for Bitcoin, prognoses began to favor a break from the kind of parabolic action of recent days and weeks.

For Cointelegraph Markets analyst Michaël van de Poppe, a useful reference for defining a mid-term floor lies in Bitcoin’s 21-week

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