Black_background_logo_BitcoinWorld-removebg-preview
Bitcoin News

For the First Time in 4 Weeks, Bitcoin Falls Below $30,000.

For the First Time in 4 Weeks, Bitcoin Falls Below $30,000

Bitcoin fell below $30,000, falling below a four-week trading range. Moreover, perhaps pointing to further price losses for the world’s largest cryptocurrency.

At press time, the cryptocurrency was trading at about $29,998, down around 5% over the previous week.

Bitcoin’s Downfall

Since mid-May, Bitcoin has been stuck in a broad price range of $30,000 to $40,000. It briefly dipped below $30,000 on June 22. After the People’s Bank of China ordered the country’s main financial institutions to stop supporting crypto transactions, the cryptocurrency briefly traded at $29,700.

The Virus Effect

According to Edward Moya, senior market analyst at Oanda, Wall Street is experiencing “too much froth.” Additionally, current virus fears are causing widespread panic selling of every top-performing asset, with bitcoin (BTC, -6.49 per cent) being right at the top of the list.

Bitcoin, according to Moya, might be vulnerable to a rapid fall towards the $20,000 mark. This “should attract many institutional buyers that have been waiting patiently on the sidelines.”

According to Katie Stockton, founder and managing partner of Fairlead Strategies, the present consolidation period in bitcoin is “neutral.”

However, she believes that “a breakthrough is more plausible than a breakdown.”

Bitcoin was ‘lively’ in April

According to Charles Morris, founder of ByteTree Asset Management, the bitcoin network was “so lively” in April that “it wasn’t difficult to maintain values above $50K.” In mid-April, Bitcoin reached a high of slightly about $65,000. However, Morris claims that network activity has plummeted in recent weeks. He added:

“It now more closely resembles a $15K bitcoin price than a $50K.”

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.