Bitcoin Alert: BTC Loses $30,000, Nosedives Lower

Bitcoin is poised to drop further after losing the $30,000 support level, says crypto analyst Nicholas Merten. He explains that there are currently more sellers than buyers in the market, causing prices to stagnate. If BTC closes below its current support level this week, Merten believes that another leg down for the cryptocurrency is imminent. Merten advises caution and recommends waiting for clear signs of a trend reversal before building a short position in Bitcoin's price. BTC is currently valued at $29,675, up 2.8% in the last 24 hours.