Bitcoin Marks a New Low of the Year Below $30,000


Bitcoin has fallen again today, marking a new low below $ 30,000.

 

June 22, 2021, | AtoZ Markets-The price fell below $ 30,000 for the first time since January, marking a new low of the year at $ 28,600, and at this time it is erasing the gains made during 2021.

The BTC opened this year in the area of $ 33,482 and the sharp decrease in the price has been happening for three months due to the comments of several celebrities, and the restrictions and repression of the central bank of China on cryptocurrencies.

China has been a key driver for Bitcoin, and while cryptocurrency exchanges were pushed out of China in 2017, new overseas-based over-the-counter platforms have appeared.

The price later managed to recover levels above $ 30,000, but it is still under strong pressure.

Meanwhile, a decline and consolidation below $ 30,000 would point to more losses going forward.

Bitcoin Analysis

Bitcoin has plummeted more than half since its April peak of nearly $ 65,000, and has lost more than 15% of its price so far in June.

The next levels of support to consider are located at $ 27,213 and $ 24,703. At a bullish level, if the price manages to recover to the area of $ 36,600- $ 36,700, it could return to levels of $ 41,200 from where it began its fall on June 15.

Near its low of the day, bitcoin fell more than 11% to about $28,911, below the $29,026 level where it ended 2020, according to Coin Metrics. The cryptocurrency then bounced and was last up 0.2% to $32,562.00 on the session, according to Coin Metrics.

The truth of all is that today more than ever, Bitcoin depends on the commitment of its investors, and the confidence of the market that it will still be a great investment instrument.

Ethereum Also Turns Red

On the other hand, Ether, the token used for the Ethereum blockchain and the second largest cryptocurrency, fell 4.5% to $ 1,801. The price of this cryptocurrency dropped to $ 1,700, corresponding to its lowest level in a month.

 

We must don’t forget the Ethereum (ETH) faces its largest options expiry ever on June 25 as nearly $1.5 billion out of $3.3 billion notional open interest (OI) in ETH options will expire.

June’s expiry has over 638,000 ETH options contracts in its purview, accounting for 45% of the total open interest in these options.

This huge expiration is indicative of increased interest in the ETH derivatives market.

 

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