Bitcoin Dips Below $30,000


Source: Cryptocoin spy

The world’s largest cryptocurrency, Bitcoin has tumbled below the $30,000 level late Monday, breaking a symbolic price threshold.

According to Coin Metrics Data, The world’s most popular cryptocurrency is at its lowest point, it was more than 12% lower on the day and more than 56% (more than half) off its November all-time high of around $69,000. It later recovered from those losses and was trading at $31,900 at 9:30 a.m.Tuesday.

Source: The Nation Newspaper

Our crypto analyst Iniobong Williams added that the crypto market bitcoin would need to maintain a key psychological price level of $30,000 to stand any chance of reversal to the upside. He however maintained that the market is bearish and the market could decline further.

The last time bitcoin traded below $30,000 was in July 2021. Bitcoin briefly staked above $40,000 on May 4 following the Federal Reserve announcement to fight inflation without larger rate hikes, but those claims are slightly unattained. The price has rather continued to fall.

Source: CNBC

Cryptocurrency which trades 24-hours a day, is reportedly down nearly 10% in the last 24 hours, according to CoinMarketCap data. Meanwhile, all three major stock indexes closed Monday lower, with the S&P 500 falling, its lowest level in a year.

Trends in cryptocurrency markets have increasingly followed wider concerns , as professional investors, such as hedge funds and money managers, have become more active in trading what was once the domain of individual investors and enthusiasts.

Source: Forbes

Some analysts have asserted that Bitcoin is just exploring its resistance zone around its new ATH of nearly $69,000, while others posited that Bitcoin might hit a low of $54,000 if it cannot break above some crucial support levels.



Leave a Reply

Your email address will not be published. Required fields are marked *

Captcha Plus loading...