Bitcoin price (BTC) fell to a one-month low and traders are increasingly betting on a further decline.

The price of Bitcoin has fallen to a one-month low

BTC price performance has weakened in recent days, with BTC/USD hitting $28,850 on July 24, data from Cointelegraph Markets Pro and TradingView confirms.

Despite the brief recovery, market participants remain unconvinced that the biggest cryptocurrency has seen its worst losses.

Cointelegraph takes a look at current forecasts during a big macroeconomic week for crypto and risk assets.

BTC/USD 1 day chart. Source: TradingView

$28,500 for the last leg down?

For popular trader Crypto Ed, Bitcoin’s previous drop to its lowest level since June 21 was completely expected.

He now believes there should be a final breakout of buying liquidity, which would push BTC/USD to around $28,500. A relief bounce to $29,400 could come first.

“If we get a move like that, then I’m looking for a setup for more down and maybe $28,500-$400, more or less,” he said in his the latest YouTube updates.

Crypto Ed showed another target range covering prices up to $27,800, but admitted he was not convinced Bitcoin would get there.

A low of $27,000 to “stop” the bidders

For another Crypto Chase trader, the downside could take Bitcoin as high as $27,000 before longs are duly burned at the last minute.

Speculators should stop bidding on major price points as BTC/USD drops – to $29,200, $28,500 and $28,000 as predicted earlier in July.

In an Update On 24 July he claimed that this was the likely course of events.

“It’s still mostly my thoughts. I can’t go short now because strong R/R opportunities are behind us, decent posts haven’t been offered based on my strategies,” he admitted to followers on Twitter.

“With the fodder already turning giga bear, we still plan to offer the low 27 for a strong bounce and see where that takes us.”

BTC/USD Commented Chart. Source: Crypto Chase/Twitter

The accompanying chart showed the relevant Fibonacci retracement levels for the daily chart.

Moving averages still see retest

Ahead of a series of critical US macro events, various traders are avoiding Bitcoin until a more obvious trend emerges.

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however various moving averages persist as important lines in the sand, between them the 200-week and 21-week at $27,130 and $28,200, respectively.

“Bitcoin is testing support in a key zone of historical significance,” Keith Alan, co-founder of the monitoring resource Material Indicators, in summary on July 24.

“We’re not convinced we’ve found strong support yet, but the 21-week MA looks like it could provide a stronger base. It is necessary to let things develop a little to make it clear.’

BTC/USD 1 week chart with 21200 MA. Source: TradingView

As Cointelegraph reported, some worst-case scenarios involve a much deeper drawdown, p and a loss of $20,000 not completely off the table.

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The views, thoughts and opinions expressed herein are solely those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.