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Bitcoin (BTC) Shows Bearish Trend, Expected to Drop Below $30K

CryptocurrencyJun 21, 2021 05:00AM ET
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© Reuters. Bitcoin (BTC) Shows Bearish Trend, Expected to Drop Below $30K

  • Bitcoin (BTC) shows a bearish trend, expected to drop below $30,000.
  • Agricultural Bank of China’s statement to prohibit the use of crypto services.

The world’s largest cryptocurrency Bitcoin (BTC) shows a bearish trend. However, the price of BTC is expected to drop below $30,000. According to CoinGecko, the BTC price is $32,936, at the time of writing.

BTC/USDT Price Chart (Source: TradingView)

The above chart shows the bearish descending scallop pattern. However, this pattern is followed by a downtrend. It is found that the BTC price dropped over 100% from an all-time high of $64,863.10 to $32k within the past three months.

Notably, the recent slide is a reversal from the dramatic rise that began in the second half of last year. Even more, the price of bitcoin is still considered to be over 200% since September, the dramatic bull rally sparked in part by hedge fund managers, banks, and other firms that appear to embrace cryptocurrency.

One of the reasons for the BTC drop is due to the statement issued by the Agricultural Bank of China (OTC:ACGBF) on June 21. However, stating that it prohibits the use of its services for cryptocurrency transactions such as Bitcoin.

Recently, China banned financial institutions from the crypto business. In addition, this is China’s recent attempt to restrain the burgeoning crypto trading market. Despite BTC’s bearish trend, Nexo co-founder Antoni Trenchev, says that the price of Bitcoin will reach $100,000. Added to this, crypto analyst Lark Davis said that BTC is yet to reach its final all-time high.

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Bitcoin (BTC) Shows Bearish Trend, Expected to Drop Below $30K

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