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.
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.
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.
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.
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