With the emergence of the world's largest digital asset Bitcoin (BTC) tank, CoinnapeSell's decline in the broader cryptocurrency market has increased by 5%, dropping below $29000. As of the time of publication, the trading price of Bitcoin has decreased by 4
With the emergence of the world's largest digital asset Bitcoin (BTC) tank, CoinnapeSell's decline in the broader cryptocurrency market has increased by 5%, dropping below $29000. As of the time of publication, the trading price of Bitcoin has decreased by 4.28%, with a price of $28913 and a market value of $559 billion.
Like Bitcoin, the top ten Altcoin coins have been revised by 5-10%, as the bear market currently seems to dominate. Currently, $28450 is a key support area for Bitcoin, which may further decline to $25000.
Even at current prices, Bitcoin's growth so far this year has reached a staggering 75%. In addition, sentiment around Bitcoin has recently become positive, hoping that the Federal Reserve can relax its monetary policy. However, inflation rate will be a key indicator for the future, and so far it has remained high with almost no signs of cooling down.
Is it possible for Bitcoin to fall back to $30000 now?
Due to the current dominance of cryptobears in the market, there are some positive signs that Bitcoin prices can rise again to over $30000. Coinnape reported that after a long sell-off period, Bitcoin whales have once again started accumulating Bitcoin.
Noelle Acheson, the author of the "Cryptocurrency is now macro" newsletter, wrote that the recent pullback may be due to "the accumulation of leverage that may trigger liquidation". She further added, "This indicates that the decline is unlikely to be sustainable, as recent support and derivative positions point towards a cumulative trend
However, considering the recent regulatory crackdown in the cryptocurrency sector in the United States, some analysts have maintained a cautious stance.
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