More so, for BTC/USD to remain above this barrier, it could make many traders feel that the $29,000 support level could be pretty strong.
The Bitcoin price could not drop much the cause of today’s trading, but if the first digital coin breaks below the support level of $29,000, it could change the direction of the coin to face the lower boundary of the channel.
Moreover, this could mean that there may still be a room that could be explored by the bears if it crosses below 40-level.
However, if the Bitcoin price breaks below the lower boundary of the channel, the market price may likely reach support at $28,500 and below.