BTC/USD may face a setback that could drag the coin below the 9-day and 21-day moving averages, and the king coin is likely to have an additional bearish run.
Moreover, the further bearish movement could locate the supports at $24,000, $22,000, and $20,000, making room for BTC to fall even further.
In the meantime, the technical indicator Relative Strength Index may cross below 40-level as the trading volume could be in support of the bears.
On the 4-Hour chart, the Bitcoin price remains below the 9-day and 21-day moving averages and the immediate support is likely to come at the $29,500 level.
However, a further bearish movement could hit the critical support at the $28,500 level and below, while the resistance is located above the moving averages at the resistance level of $31,000 and above.