Bitcoin is down 1.22%, trading at $29,938

Bitcoin recovering almost all the way back to $30,300 today, after dipping down to $29,863.

Bitcoin fell below the $30,169 support zone and moved $230.51 beyond it; the next level of support with significant buyer interest is estimated at $30,000. Bitcoin made an initial break below its 5 day Simple Moving Average at $30,300, a possible indication of a forthcoming negative trend. Bitcoin's upper Bollinger Band® is at $31,126 which indicates a further downward move may follow.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts Bitcoin to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Bitcoin is expected to attract significant bearish sentiment in the coming days.

In the meantime, negative performances are also seen in other markets, Algorand USD closed at $0.227 (down 3.25%). Cardano descends 2.19% to trade around $0.441.

Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.

Furthermore, United States Building Permits (Mar) is expected tomorrow at 12:30 UTC.

Trending positively for about a month. Bitcoin has gained 82.74% since its lowest print of $15,759 earlier this year.