Bitcoin's price failed to gain momentum after the release of the US CPI. It is currently trading below $30,500 and there is a risk of a drop towards $29,850. The price failed to clear the $30,850 resistance and broke below a connecting bullish trend line with support near $30,620.
Immediate support on the downside is near the $30,230 level, with the next major support near the $30,000 level. Technical indicators show that the MACD is losing pace in the bearish zone and the RSI for BTC/USD is now below the 50 level.
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