The king of cryptocurrencies, Bitcoin (BTC) has continued to decline in price since yesterday, crossing the $ 30,000 bottom level for the first time since last month.
The coin slipped more than 8% from a daily high, $ 31,901 on July 19 to a daily low, $ 29,267 on July 20.
The BTC movement also has an impact on other altcoins such as Ethereum (ETH).
At the time of this writing, BTC was trading at $ 29,562, down over 3% in 24 hours.
Analysts expect the price of this asset to decline further around $ 13,000 to $ 12,000 if BTC breaks the 50 -day simple moving average (SMA50).
Meanwhile, the head of business development of crypto exchange firm, Luno, Vijay Ayyar expects the asset to touch the $ 20,000 level and retest at the $ 40,000 level.
There are a handful of analysts attributing the gloomy movement of the crypto market to the negative sentiment of the contagion of the Delta COVID-19 variant that caused the economic reopening to slow.
Not only that, the global stock market has also received the temptation of Delta variant violence:
"There is still no clear reason for this decline but what is certain is that the current crypto market situation reflects the global market situation caused by the Delta variant. The Dow Jones Industrial Average also showed the biggest decline since October, " - reports Forbes.
However, technical analyst Gregory Mannarino described the current situation as 'fake news' and propaganda that opens up the potential for large-scale asset sales.
