- Since yesterday, the volume has dropped by over a quarter of a percent.
- After the fall, the crypto market lost billions, putting Bitcoin in danger.
It’s deja vu all over again for the largest crypto, Bitcoin. It has already lost eight straight days and is doomed to keep going downhill. Many Bitcoin maximalists are worried that the price may fall below new support levels.
Currently trading around $29,000, it has gained just about 1% in the last 24 hours of trade. Bitcoin is currently predicted to close the week around the $29,000 mark after a shortage of movement in previous days. Since yesterday, the volume has dropped by over a quarter of a percent.
Range Bounded Movements
With the Terra de-pegging, prospects of a comeback were shattered by this month’s severe volatility in the biggest cryptocurrency. After the fall, the crypto market lost billions, putting Bitcoin in danger of a complete meltdown.
Even though Bitcoin could hold on, it has now settled around the $28,000-$30,000 mark. There is still a long way to go, according to metrics, despite recent dismal results. The NVT signal was detected at 233.9 in a recent Glassnode tweet, its lowest level in four years. On May 25th, the Bitcoin community was put under even greater pressure as the previous 4-year low was seen.
“2-3 months of boring price action. Then last capitulation possible with 30%- 50% additional price drop,” Crypto Quant tweeted, causing a stir in the crypto community.” The Bitcoin price chart exploring a market bottom as it fights to recover back above the $30k barrier is a key takeaway.
This week, JPMorgan issued a client-focused statement on Bitcoin, suggesting the asset’s fair value to be $38,000. The bright forecast followed a drop in Bitcoin’s price below $30,000, range-bound ever since.