2021-06-25 13:21:59
Two days ago, there was a time when the price of Bitcoin fell below $ 30,000, an important price threshold for this cryptocurrency and also the lowest price of Bitcoin since the beginning of 2021. Along with Bitcoin, nearly the entire crypto market also plummeted. However, not long after that, the Bitcoin price quickly recovered and rose 10% to $34,000.
Most notable was the entire cryptocurrency market at the time. Data from the coinmarketcap site shows that, after Bitcoin fell to its lowest price since early 2021, there was $ 198.91 billion poured into the entire market in just one day. This is the equivalent of the global cryptocurrency market capitalization growing by 8% in just one day.
Besides Bitcoin’s rally, many other coins also rebounded after a series of declines, including: Ethereun (ETH), Cardano (ADA), DogeCoin (DOGE) and many other famous coins.
Data on CoinMarketCap shows that, in just 24 hours after Bitcoin dropped below $30,000, more than $200 billion was poured into the cryptocurrency market to “catch the bottom”.
The future is full of doubt
Despite the strong rally, crypto experts disagree on the future of the market in the near term. Some think this is just a pullback in the downtrend, others think that this will push the Bitcoin price to a new record high by the end of the year.
Many large investors are optimistic about this positive direction, especially since MicroStrategy, one of the largest Bitcoin holders in the market, is investing another $500 million in Bitcoin over the past week. Meanwhile, DogeCoin co-founder Billy Markus also said that he has reinvested in the coin – the first time in the past 8 years.
In an interview with HoweStreet.com radio channel, founder of Technical Traders Chris Vermeulen said:Bitcoin has been under a lot of pressure since May so far, everyone is expecting a V-shaped rally, but the chart shows that it is still in a downtrend. It is trying to find a support here because in January this was the price at which Bitcoin has been flat for a whole month. The trading volume is a lot around this 30K mark. If it doesn’t hold, we’ll see a drop to $16,000, possibly back to $11,000, which could wipe out all of the gains from last year’s market frenzy..”
Major changes and corrections still occur in the cryptocurrency market regularly, so fluctuations like this one should come as no surprise. Even as the Bitcoin price has now recovered above the $30,000 mark, traders continue to be cautious with the current market.
Refer to Finbold
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