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Bitcoin fell below $ 30,000, falling below a trading range that had held for the past four weeks and potentially creating the biggest cryptocurrency for bigger price drops.
The cryptocurrency was trading around $ 29,998 at the time of publication and has fallen around 5% over the past week.
Bitcoin has been stuck in the broad $ 30,000 to $ 40,000 price bracket since mid-May and briefly crossed the $ 30,000 mark on June 22. stop facilitating crypto transactions.
“I expect a steep drop towards $ 22,000,” said Patrick Heusser, chief trading officer at Crypto Finance AG, in a telegram interview on Monday.
Wall Street is seeing “too much foam” and the current viral nervousness is triggering a widespread panic sell-off of all top-performing assets, with bitcoin at the top of that list, according to Edward Moya, senior market analyst at Oanda.
Moya said bitcoin could be vulnerable to a lightning crash near the $ 20,000 level, which “should attract many institutional buyers who are patiently waiting on the sidelines.”
“If the stock market sell-off intensifies, Bitcoin and Ethereum will easily extend their declines,” Moya said.
Katie Stockton, Founder and Managing Partner of Fairlead Strategies, said the phase of consolidation bitcoin is currently experiencing is “neutral.”
But in her opinion, she said, “a breakout is more likely than a breakdown.”
In April, the bitcoin network was “so dynamic that it was not difficult to support prices above $ 50,000,” said Charles Morris, founder of ByteTree Asset Management.
However, in the past few weeks, Morris said, the network’s level of activity has plummeted.
“Now that’s more like a bitcoin price of $ 15,000 than it is $ 50,000,” he said.
Bitcoin peaked at just below $ 65,000 in mid-April.
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