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Bitcoin price falls below $30,000 as ‚moment of truth‘ arrives, says trader

Bitcoin price action mimics recent lows, but all traders are focused on GameStop and the power of collective investment.

Bitcoin (BTC) price retested USD 30,000 support on 27 January as a day of losses culminated in the breach of the psychologically significant price level.
1-minute candlestick chart of the BTC/USD pair (Bitstamp). Source: Tradingview
BTC price in the middle of GameStop row
Data from Cointelegraph Markets and Tradingview showed that any remaining bullish momentum in Bitcoin dissipated on Wednesday after the rejection at peaks near USD 33,000.

„Another retest of USD 30,000 for #Bitcoin,“ summed up Cointelegraph Markets analyst Michaël van de Poppe.

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Despite projecting another test of monthly lows, Bitcoin’s price Bitcoin Compass review action hardly surprised regular market participants. For trader Scott Melker, it was a case of „wait and see“ until the longer timeframes were completed.

„Six hours seems the same as four hours. 12 hours needs 10 hours more, so it’s hardly worth watching. But the potential is there. Bottom line: no clear signal yet, but worth keeping an eye on if they can accumulate,“ he wrote as part of a series of tweets on Wednesday.

Nevertheless, the resolution of the current price action would represent a „moment of truth“ for the BTC/USD pair, he said.

As Cointelegraph reported, attention was largely focused on GameStop ($GME) shares throughout the day after its 700% biweekly gains caught the attention of both the media and regulators.
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Bitcoin, despite being a more profitable buy than at almost any time since Christmas, failed to take centre stage.

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„People have a maximum interest of USD 40,000 for #Bitcoin, but almost zero interest at USD 30,000 for #Bitcoin. Interesting,“ Van de Poppe added.

Data from on-chain monitoring resource Whalemap highlighted an area at USD 29,300 as possible support in the event of a break of USD 30,000.
Wallet entries providing likely support and resistance levels for the BTC/USD pair. Source: Whalemap
Meanwhile, cryptocurrency sceptics used the GameStop debacle to disparage bitcoin and those who argued that decentralised investing was a beneficial phenomenon.

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„Attention #Bitcoin HODLers: the only people who will walk away with any real profit from the #GameStop bearish contraction will be those smart enough to sell. Those who HODL will probably lose it all. Bitcoin HODLers will meet the same fate if they don’t realise their paper gains,“ tweeted gold advocate Peter Schiff.

Meanwhile, a glance at the subreddit used for stock betting, r/wallstreetbets, showed that users‘ strategies focused on hodling, not selling, their recently profitable stocks, at the expense of unprepared hedge funds.

„Retail reflexivity in action in traditional markets,“ commented trader Philip Swift, adding:

Never underestimate the power of the masses.