Bitcoin traders are on edge as the market continues to show signs of bearish momentum, with fears of a return to previous price range lows looming. Despite a brief surge in price earlier this month, Bitcoin has struggled to maintain its momentum and has been unable to break through key resistance levels.

As the monthly close approaches, traders are closely watching the market for any signs of a potential turnaround. However, market inertia seems to be keeping the bears in control, with Bitcoin struggling to gain any significant upward momentum.

This lack of bullish movement has caused concern among traders, who fear a return to the previous price range lows of around $30,000. This level has acted as a strong support in the past, but if it is broken, it could open the door for further downward movement.

The recent market volatility has been attributed to a number of factors, including regulatory crackdowns in China and the United States, as well as concerns over the environmental impact of Bitcoin mining. These factors have caused uncertainty and hesitation among investors, leading to a lack of buying pressure in the market.

Despite these challenges, many experts remain optimistic about the long-term prospects of Bitcoin. They point to the growing adoption of cryptocurrency by major institutions and the increasing interest from retail investors as signs of a strong future for Bitcoin.

In the short term, however, traders are advised to proceed with caution and closely monitor the market for any potential shifts in momentum. As the monthly close approaches, all eyes will be on Bitcoin to see if it can break out of its current range and regain its bullish momentum. Until then, traders will have to navigate the market with caution and patience.