Bitcoin Falls Below Key Support at $30K, Dragging Alts Lower


Key Takeaways

Bitcoin has fallen below key support levels at $30k on news that China may be banning BTC trading and mining.
China is a global hub for Bitcoin activity and a crackdown could have a severe impact on prices.
Bitcoin continues to dominate the market, with red across the board as BTC price sinks lower.

Share this article

Bitcoin has slumped below $30,000, a crucial level of psychological support that will likely have a major impact on sentiment.

BTC Dominates the Market

Bitcoin is now trading in the $29,800 range, approximately 55% down from the all-time high seen in April.

Monday saw over $1 billion in liquidations as Bitcoin and Ethereum both sunk lower. Bitcoin has now sunk to levels not seen since late January.

Source: Trading View

It’s widely agreed that a drop below $30,000 could trigger a major selloff in the market.

#Bitcoin flirting with KEY support levels…

Decisive crack below $29-30K area and things will really unravel. Historic support around 200-week moving average (~14K).

— Puru Saxena (@saxena_puru) June 22, 2021

The downward pressure is largely being generated by regulatory news out of China, which recently took action to ban Bitcoin mining as well as Bitcoin trading.

China is the world’s leading BTC mining hub and perhaps the largest trading market as well. With plans for the new digital yuan closer than ever, it seems that the government is unwilling to compete with Bitcoin.

China has taken measures to ban or restrict Bitcoin many times in the past, perhaps leading to a muted reaction this time around. However, if China is truly taking firm action against Bitcoin, the impact will be severe.

“A Massive Hit”

Pankaj Balani, CEO of Delta Exchange, spoke with Crypto Briefing earlier this morning to discuss BTC prices.

“BTC has been consolidating between $30K-$42K for the last 5 weeks. We believe this ongoing consolidation is going to continue in the coming weeks,” stated Balani, adding that the “macro environment does not look weak with broader markets continuing to rally.”

Balani stated that Delta Exchange expected BTC to bounce and challenge $40,000 in the coming weeks. However, he also said $30,000 was the key level for traders to watch.

“Should we concede 30,000; the sentiment will take a massive hit. A conclusive breakdown below $30K might be coupled with heavy selling activity in BTC and entire crypto market.”

Bitcoin has since broken through this line of support, likely to the dismay of many in the market, and the broader impact this price dip will have on altcoins remains to be seen. Ethereum last traded at $1,800, and almost all of the top 20 altcoins by market cap are down by over 30%.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

China’s Central Bank Calls for Crypto Trading Ban

The central bank of China called a meeting Monday with the country’s banks to crack down harder on cryptocurrencies, Reuters reported. Central Bank in China Calls for Ban on Crypto…

What is Kusama? How Polkadot’s playground accommodates blockchain de…

Kusama is relatively young and was founded in 2019 by Dr. Gavin Wood, who also founded the Web3 Foundation and co-founded Ethereum. The team behind Kusama is essentially the same…

China’s Digital Currency Project Head Says, “Anonymity Is …

The head of China’s central bank digital currency (CBDC) research said in a business convention that complete anonymity is impossible. China Firm on “Controllable” Privacy of CBDC  Mu Changchun, the…

China’s Inner Mongolia Cracks Down on Bitcoin Mining

China’s Inner Mongolia region will suspend Bitcoin mining before the end of April, according to the government’s new energy saving plan. Inner Mongolia to End Mining China is currently the…



Source

Recommended For You

About the Author: VBCrypto

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: