Long-Term Support Level May Struggle to Revive Bitcoin Price Rally

View Bitcoin is again attempting a recovery from the 30-day moving average, currently at $7,710.

The key average has consistently reversed price pullbacks in the last four months.

This time, BTC is more likely to end up creating a bearish lower high or may find acceptance below the average in the next day or two, as both the daily and weekly technical indicators are calling a deeper price pullback.

Bitcoin's price pullback seems to have stalled near historically strong support, but a bounce, if any, could be shallow.

The cryptocurrency market leader dived below $8,000 in the Asian trading hours today and almost tested the crucial 30-day moving average support, currently at $7,707, according to Bitstamp data.

The average has consistently reversed price pullbacks over the last four months.

Notably, every bounce ended up violating the preceding price high.

The price is again attempting a recovery from the 30-day MA as seen above.

The bounce will likely be shallow or the cryptocurrency could find acceptance below the average later today, as the 14-day relative strength index has dipped below 54.50, confirming a double top breakdown - a bearish reversal pattern.

Further, the price drop seen in the last 24 hours validated the bullish-to-bearish trend change signaled by the bearish outside day candle created on May 30.