Bitcoin price dropped below $30,000
Bitcoin's value plummeted below the $30,000 mark on Binance, reaching its lowest level since January 27, 2021.
The price of Bitcoin is going through hard times, however, like the entire crypto market, since over the past week, the price of BTC has dropped by more than 25%. The RSI index recorded an oversold point on May 19, but more than a month has passed since that time and buyers have managed to defend the support at around $30,000.
Unfortunately, their efforts did not pay off. The asset has collapsed in price, while the growth dynamics are still weak. This is evidenced by a couple of weeks of consolidation below $41,000. On the other hand, the RSI on the weekly chart has not yet entered the oversold zone, therefore, sellers continue to fight for the previous prices. The lowest support is expected at $27,000, more than 60% below the spring 2020 lows.
Analysts are divided over the foreseeable growth prospects for the main cryptocurrency on the market. Some of them are convinced that the current level will be able to hold out for some time, after which the asset will have enough support to gain “mass”. Others only add fuel to the general panic, predicting a fall to below $24-25,000. One of the last to speak out in favor of the $24,000 Bitcoin prediction was the renowned author of books on financial literacy, Robert Kiyosaki.
At the same time, stock analysts like Matthew Lam from OKEx are confident that Bitcoin must return to above $40,000 for recovery and further growth. Only then, in his opinion, will we be able to see prices of $45-50,000 on Binance and other major trading platforms again.
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