Leading cryptocurrency Bitcoin has once again lost over 2.5% of its value on Tuesday. The critical drop in price signals that bull speculations have failed and the top cryptocurrency may struggle this week to stay above the $30,000 mark. At press time, Bitcoin is exchanging ownership at around $32,500.
Market pundits are losing hope of a bounce back and the recent drop suggests the whales will have to hold to help bitcoin float above $30,000. CoinTelegraph quotes Michaël van de Poppe, a crypto trader explaining: “The critical support that I’ve derived here is the area around $32,600-$32,900, which you preferably want to see sustained as support to avoid another test of the lows.”
For a long time Bitcoin is rallying in the price bracket of $32,000 to $35,000. There hasn’t been any significant favorable update or a major event that could trigger the top token’s price. It would be crucial to break the circle. Due to the less volatile markets the trading volumes across global exchanges have also taken a hit in June. Experts are not expecting a lot of action in July as well.
The price trends of other tokens have not been very different from Bitcoin. Ethereum is barely above $2000 and Cardano is also down by about 25% from it’s ATH. DOGECOIN and other cryptocurrencies have not been able to recover since.