Bitcoin Sinks Below $30k as Resistance Gradually Melts

A horrendous crash in the Tuesday’s Bitcoin  chart has sent it cowering under $30,000. The cryptocurrency hasn’t been up to its best since the start of June as the bearish market sprays red all over the cryptocurrency market. In effect, BTC shed an unbelievable six percent in one hour, now in the mud below $30k.

BTC is taking a rough road down after shooting down from a $41,000 value in the previous week. On-chain metrics on TradingView show the leading crypto asset falling below the $30,000 mark. In addition, users of the popular cryptocurrency exchange Binance have reported technical issues with the platform.

However, the decline was expected by some cryptocurrency analysts who even predicted that it might sink further to $25k. The severing of crypto activities in China contributed largely to the decline in Bitcoin as local miners are gradually exiting the country. Regulatory policies would likely be enacted soon due to its volatile nature and the use of digital assets to conduct financial crimes. 

Binance Encounters Technical Difficulties

As the foremost virtual asset crashes to the sands, Binance, a revered cryptocurrency trading platform began experiencing issues. The order book of the exchange indicated that lots of buyers are waiting for the asset to hit $25k. However, the selling pressure is heating and the resistance level of BTC is gradually losing its hold. 

Source: Material Indicators

Bitcoin hit $29,000 before bouncing back up slightly to $29,600. It has lost 54 percent since it hit a high of $64,000 in the middle of May. As expected, the influence of Bitcoin led altcoins too down the slide as Ethereum, Binance Coin and others hit the reds. 

Despite that Bitcoin has been hit by the bears repeatedly this period, it is still up as against its value in the past 12 months. As the capitulation persists, major indicators are pointing to $25k as a strong support level for Bitcoin. 

 

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