BTC Price Analysis: Bitcoin (BTC) Tanks Under $30,000, Here are Next Support Levels
The world’s largest crypto Bitcoin (BTC) continues its downward journey falling under it another crucial support of $30,000. At press time, Bitcoin is down 6.09% trading at $29,598 with a market cap of $555 billion. The price crash comes as the unique number of addresses interacting with the Bitcoin blockchain has been on a constant decline since mid-May 2021.
As per crypto analyst Lark Davis, nearly 11% of the Bitcoin supply transacted between $31k and $34k. The analyst notes that panic selling has triggered further downfall in the Bitcoin price which could lead to a cascading effect.
10.5% of the total supply of #bitcoin was transacted between 31 and 34k.
That means a lot of BTC could be panic sold if we head lower which of course ends up having a cascading effect as more panic sellers create more panic sellers. pic.twitter.com/FyheU3Ugz4
— Lark Davis (@TheCryptoLark) July 20, 2021
The $30K support was crucial for Bitcoin to hold. Technical charts suggest a successive correction for a dip under the next support levels. The next consecutive Bitcoin support levels to watch out for are $28K, $26K, $22K, and $19K.
$BTC support levels. 28k -> 26k -> 23k -> 19k. Let's just hope that if it happens, it happens quickly. #BTC #Bitcoin pic.twitter.com/USUG4hIekM
— buckwhitzer (@buckwhitzer) July 20, 2021
Crypto Market Down 7% Losing $100 Billion
The recent BTC price crash is part of the broader market correction. The overall cryptocurrency market is down 7% in the last 24 hours wiping out more than $100 billion from the market cap.
Ethereum (ETH) is down 8.75% falling under its previous support levels of $1750. Binance Coin (BNB) is down by 13% now trading at $260. Cardano (ADA) is also down by 11% trading at $1.0.
The broader market correction follows the steep fall on Wall Street on Monday, July 19. Dow Jones (DJIA) tanked over 700 points as fears of rising cases of the COVID-19 delta variant put the market under pressure. This has been one of the steepest single-day corrections of the index since October 2020.
The cryptocurrency market has larger followed by the movement on Wall Street. On the other hand, institutional players and whales have continued to stack up more supplies amid this correction. Over the last weekend, a single whale purchased nearly $1 billion worth of BTC. This whale added around 30,000 Bitcoin across 18 wallets.
At the same time, investment institutions like Rothschild have accumulated more Bitcoin through derivate products. As CoinGape reported, Rothschild purchased over 100K shares of the Grayscale Bitcoin Trust (GBTC) in the last quarter.
Related Posts
- Michael Sonnenshein, Grayscale CEO says Bitcoin ETF is a matter of ‘When’ not ‘If’
- ED issues ‘crypto withdrawals’ Notice Against WazirX; Why it is critical for Indian ecosystem?
- Breaking: Grayscale Selects BNY Mellon as ETF Service Provider for Upcoming Bitcoin ETF
- Senators Reaffirm Commitment to Market Structure Bill After Meeting with Coinbase, Ripple
- How the Crypto Market Could React to the Next Fed Meeting on October 29?
- $1.68 Trillion T. Rowe Price Files for First Active Crypto ETF Holding BTC, ETH, SOL, and XRP
- Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
