After trading above the $31,000 level in the past few sessions, the cryptocurrency market witnessed a downtrend today after bitcoin price plunged below the $30,000 level. The world’s largest and most popular cryptocurrency is down 3% in the early hours of Saturday and was trading at $29,623.79.
It is worth noting that the popular digital token It’s down more than 35% so far this year, and is well below the peak of $69,000 last November. The global cryptocurrency market cap today stands at $1.27 trillion, down 3.8% over the past 24 hours.
Ether, the second largest cryptocurrency, linked to the coin ethereum The blockchain also fell 4% to $1,758.84 in trading Saturday. Additionally, Dogecoin price was trading down 2.8% today at $0.080677 and the Shiba Inu was also down 4% to $0.0001069. Solana closed down 12% during the early hours of Saturday at $36.33.
Meanwhile, bitcoin briefly rebounded on Thursday after falling alongside stocks, faced resistance at the $30,000 level, around which it has been trading for the past month.
Bitcoin has only deviated from the $30,000 level since a widespread crypto sell-off began following the collapse of the TeraUSD stablecoin in early May. Bloomberg Intelligence analyst Jamie Douglas Coutts said on Wednesday that the coin could make a “cyclical low” in the second half of this year, based on past market cycles.
“The technical outlook is the best and bitcoin really needs to trade back above $40k before any bullish outlook can be confirmed,” Nicolas Kavle, a strategist at DailyFX, wrote in a note on Wednesday.
Bitcoin staged a mini-rally to start the week, rising to a three-week high of $32,359 on Tuesday and some in the markets expected it to gain upward momentum. Cryptocurrencies have been influenced by the Federal Reserve and other central banks as they hike rates to combat extremely high inflation.
Solana performed poorly amid a network outage that was later resolved. The popular DeFi coin, around $40.50, was little changed at 6.6% after falling 11% on Wednesday.
(with inputs from agencies)