Bitcoin showed its worst performance today since a big fall in May when the BTC price fell below the $ 30,000 level. Bitcoin fell more than 11% to around $ 28,911. This level is the lowest level achieved in 2020, which is at $ 29,026.
Analysts see the $ 30,000 level as a key support level after a massive price fall in May. However, this support level has been successfully broken so there is a possibility that the BTC price could plunge to a price level as low as $ 20,000
Galaxy Digital CEO Mike Novogratz said on CNBC's "Squawk Box" that the BTC price could still record a recovery however with the ongoing sentiment, the BTC price is inclined to fall to the next support price level.
$ 30,000 is a strong support price level that is a wall of hope. Breaking this wall will make the $ 25,000 price level the next strong support level.
This year we saw Bitcoin reach an all -time high price level of around $ 60,000 per unit. Following several tweets from Elon Musk about his concerns over the environment related to BTC caused the price of BTC to plummet. Then concerns about the use of crypto in the Colonial Pipeline ransomware attack made prices continue to decline in June.
Since then, FUD and bans from China that have come in droves have added to the pressure on BTC prices. With losses on Tuesday, bitcoin has slumped about 54% from an all -time high of more than $ 64,000 tasted in mid -April. A significant decline has occurred previously i.e. the BTC price fell around 80% from its end -2017 highs.
Crypto investment firms, such as CoinShares, Grayscale and Bitwise, experienced a sixth consecutive week of outflows with little inflow, according to a CoinShares statement. Bearish sentiment is more focused on bitcoin, with outflows this week totaling $ 89 million, and totaling $ 487 million for the year, or 1.6% of assets under management.
The market is currently watching the next support level of $ 28,900 if the $ 30,000 price level is successfully broken again. The BTC price is currently trading at $ 31,528.56.
