Bitcoin dropped by a whopping 10% today, losing almost $5000 in the last 48 hours. Since the market collapse in mid-May, when BTC plunged 50% from a peak of $59,600 to a low of $30,000 in just nine days, Bitcoin fanatics have been in a state of existential crisis. Following last week’s fall from $39,000, the largest cryptocurrency had stabilized around $36,000.
But now the critical level is $30K, which is also the lowest level since May 19, when it was recorded on May 19. Millions of dollars have been wiped from the market overnight as the currency plunged by almost 10%, although experts expected a strong week for the currency.
2 main Reasons for the Bitcoin Price crash in the last 24 hours.
Earlier this week, Donald Trump dubbed Bitcoin a “scam,” but he also claimed it may become a “rival currency” to the dollar. On June 7, during a LIVE aired Fox Business interview, Trump stated that US regulators must move to control Bitcoin since the cryptocurrency has been competing with the US dollar.
China has taken action against bitcoin, blocking a number of Bitcoin accounts from Weibo, a Twitter-like social media platform. The anti-crypto campaign is expected to become established in Chinese law, making it unlawful for enterprises to use it. The Chinese government has issued a warning about cryptocurrency trading, and Bitcoin mining activities have been halted, putting pressure on the market.
Following the recent massacre, there may be a temporary correction or reprieve. However, the market has shown no signs of reversal thus far, so bearish action is likely to continue. Looking ahead, the $32.5K support is the first level of support. The first resistance, on the other hand, is presently at $33,520. Bitcoin is currently trading at $33,149.03.