Bitcoin (BTC) fell sharply to around 25000 last week and quickly rebounded back to the 30000 level, indicating that many bitcoin (BTC) bulls attach importance to this level. However, in the general trend of liquidity ebb, the downside risk of bitcoin (BTC) falling below $30000 will be greater.

Bitcoin (BTC) and other cryptocurrency market highlights review:

• the chairman of the US Commodity Futures Trading Commission (CFTC) said in an interview that bitcoin (BTC) and Ethereum (ETH) are commodities.

• the report of the Korean Financial Services Commission proposed the plan to establish a public cryptocurrency exchange, conduct new listing review and market monitoring of cryptocurrencies, and access virtual assets according to the current capital market legal system.

• the Korean financial commission and the financial regulatory authority recently asked the domestic cryptocurrency exchange for the countermeasures and measures for the Luna incident, as well as the reasons for the decline judged by the exchange.

• the governor of the French central bank said that the G7 finance ministers' meeting in Germany would discuss the regulation of cryptocurrencies.

• the president of El Salvador is promoting the use and adoption of bitcoin to 32 central banks and 12 financial officials representing emerging economies.

• canliffe, deputy governor of the Bank of England, said that cryptocurrency is now regarded as a risky asset and does not constitute a systemic risk.

Technical analysis of bitcoin (BTC) price trend

The daily chart shows that the price of bitcoin (BTC) fluctuates around 30000 in the short term, and the support of this gateway seems fragile. If it falls below, it will look at the levels of 28000 and 25000.

In the short term, if the rebound is upward, pay attention to the regional resistance of 31500-32000, and there may be further room for correction.