Bitcoin - Short Below Key Resistance Level

Bitcoin has consolidated below support at $31,200 and continued to fall below the psychological $30,000 level. We expect the cryptocurrency to move lower if doesn't rebound strongly back above resistance at $31,200 in the coming trading sessions. Bitcoin has sustained it's downward momentum since the beginning of May on the back of Chinese crackdown and most recently negative investor sentiment. This is on the back of investor fears of the spread of the covid delta variant impacting the global economic recovery. Additionally, Bitcoin has continued to fall as inflation has risen 5.4% versus 4.9% forecast despite it previously being seen as an inflation hedge due to it's limited supply.