Things could get even uglier
Bitcoin is trading just below $30,000 for the first time in almost a month as sellers are trying to establish a fresh leg lower amid the recent series of lower highs, lower lows.
From a technical perspective, a daily close below $30,000 would be a major blow for Bitcoin optimists and will create a good base for an extended downside move.
There is still some line of support around the $28,732 to $28,800 region and that is where buyers may put up the last stand. The 38.2 retracement level comes next @ $27,175 but below that, one can argue that it is pretty much free fall for Bitcoin thereafter.