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Bitcoin Has Broken Out Of The Range That Has Been Maintained Over The Past Month, Dropping Below $ 30,000. At The Time Of Publication, The First Cryptocurrency Is Trading At $ 29,700, With A Decline Of 6.5% Per Day.

“I expect a sharp drop towards $ 22,000,” said Patrick Heusser, head of trading at Crypto Finance AG.

Oanda Analyst Edward Moya Believes That Wall Street Investors See “too Much Foam” In The Markets And Are Eager To Sell Any Successful Assets, Among Which Bitcoin Is In The Forefront. He Admits That The Drop To $ 20,000 Will Help “Attract A Lot Of Institutional Buyers Who Have Been Patiently Waiting On The Sidelines.”

“If the sell-off in the stock market intensifies, Bitcoin and Ethereum will easily surpass it in declines,” Moya added.

Charles Morris, Founder Of Bytetree Asset Management, Noted That In April The Bitcoin Network Was Active Enough To Justify A Rate Above $ 50,000. Now, After A Sharp Decline In The Corresponding Metrics, “they Are More In Line With Bitcoin At $ 15,000 Than At $ 50,000 “, He Said.

“10.5% of the total supply of bitcoins was transferred between $ 31,000 and $ 34,000,” writes analyst Lark Davis. – This means that a large amount of BTC could undergo a panic sell if we head below. This, in turn, will lead to a cascade effect as new panic sellers bring on more panic sellers. ”

According To Glassnode’s Observations, Investors Continue To Record Losses From Coins That They Acquired At Or Near The High Of The Cryptocurrency Market:

“The Bitcoin network is now carrying $ 5.3 billion of transactions per day against $ 15.5 billion at the peak of 2021. From this volume, the predominant number of coins, apparently, are moved to fix the loss. “

The Total Cryptocurrency Market Capitalization Over The Past Day Has Dropped By 7% Or $ 100 Billion. Ether Is Losing More Than 8% Of Its Value, Binance Coin – 12.5%, And Cardano – 10%. Stock Market Indices, Including The Dow Jones, S&p 500 And Nasdaq, Also Closed In The Red On Monday With A Loss Of 1-2%.

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