Bitcoin

Bitcoin price drops below $30K support, erasing the 2021 rally


Bitcoin price Now under $30,000 for the first time since making the 2021 rally now a memory. The leading cryptocurrency by market cap opened for the first time of the year at around $28,800 – a price that just touched during today’s crypto market bloodbath.

The entire 2021 is now gone in a flash | BTCUSD on TradingView.com

Bitcoin price drops below $30,000

Bitcoin price It’s now back where it started in its most bullish year ever, putting the biggest bullish rally at risk of a complete reversal Bear The market if things are trending down.

The downside was sharp and fast, halving cryptocurrency prices in just one month and setting one of the worst monthly closes on record.

Related reading | The Missing Component of a Complete Bitcoin Reversal

Bitcoin lost 50% while altcoins fell more than 70% in many cases. Feelings have become so negative The influx of coins hitting the exchanges now has sent the bitcoin price below $30,000 for the first time in 2021.Bitcoin for 12 months

Only a nasty gravestone doji is left on the 12-month | BTCUSD on TradingView.com

2021 Crypto Rally Now Deleted, Is the Bull Market Over?

The leading cryptocurrency doubled by market capitalization in the first quarter of the year. The gathering came to a complete climax Coinbase Global goes public on the Nasdaq Stock Exchange The glut in the cryptocurrency market has reached its peak. Markets tend to reverse when participants least expect it, and money is easily made.

Related reading | Why Bitcoin Could Return to Lows Before Gaining Momentum

Everything was going well for cryptocurrencies – Elon Musk was about to host Saturday Night Live, but then the rug was pulled over to investors. The selloff also resulted in one of the ugliest annual candles in Bitcoin history.

current candle Doji’s tombstone, as the name sounds, can have fatal consequences. However, the bulls still have five full months of the year to make sure that this bearish signal is not left out.

Bitcoin down

Could there be a similar reaction as the historic "China pump"? | BTCUSD on TradingView.com

Bitcoin price action, sentiment, and market structure Show all the similarities To the last time the cryptocurrency market paused for a short time. If something similar happens, with lows now engulfing and panic in the air, a rebound may be imminent.

This does not necessarily mean that the downtrend is over, as the rest of the pattern shows. But with $30K now broken and the market in dread, anything is possible. The lack of short trades indicates pressure similar to The last time Not likely, but there is still plenty of time for the bulls to prove that the bull market is far from over.

Featured image by iStock Photos, Charts from TradingView.com



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