Bitcoin was unable to overcome $30K and is at risk of a breakdown. At the time of writing, BTC/USD is trading at around $29K amid market turbulence, having even hit $28,614 on Bitstamp, a zone last seen on May 18.
However, some analysts have noticed signs of speculation, which could support the price rally. The recent selling pressure was driven by spot market traders rather than futures traders, according to Sean Farrell, vice president of digital assets at FundStrat. That suggests a large unwind of leveraged positions is unlikely, similar to what happened in previous sell-offs. Despite the positive signs, in the context of the economic crisis and waning investor sentiment, the crypto market still faces many difficulties.
Following Bitcoin, Altcoins also plummeted, with some of the top ten cryptocurrencies by market cap approaching10% daily losses. Ether (ETH) has lost $2,000 to trade at around $1,920 at the time of writing. The day’s biggest loser is Solana (SOL), which is trading down 9.3% at $48.
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