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Scott Smith
Jun 23, 2021 7:21AM ET
Don’t take advice from Neil Wilson.
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⏰ React to the Market Faster with Custom, Real-Time News Get Started
“Expect a bloodbath” - Bitcoin drops below $30K for first time since January
© Reuters.
By Samuel Indyk
Investing.com – The price of Bitcoin dropped to its lowest level since 28th January on Tuesday, in the wake of more stringent Chinese measures to regulate the cryptocurrency market.
On Monday, China’s central bank, the People’s Bank of China, announced it had summoned some major banks and payments firms, including Alipay, urging them to check client accounts for cryptocurrency transactions and cut their payment channels.
Alipay has confirmed it will set up a monitoring system targeting key websites and account, and blacklist those merchants involved in digital currency transactions.
The latest measures weighed on the major cryptocurrencies with Bitcoin dropping below the key psychological support level of $30,000 which had held since the ‘flash crash’ in late May.
Thoughts from the analysts
Some analysts have argued that dropping below $30,000 could lead to further losses for Bitcoin and other major cryptocurrencies.
“If it goes, expect a bloodbath,” Chief Market Analyst at markets.com Neil Wilson said in relation to the $30,000 level.
Jeffrey Halley, Senior Market Analyst at OANDA also expects further weakness.
“Failure of $30,000 will open the trapdoor to a sub-$20,000 move,” Halley said in an emailed note.
At 13:42BST Bitcoin was trading around $29,500, down 8.5% in the last 24 hours.
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Comments (52)
LittleZenCat
Jun 22, 2021 10:06PM ET
You know when the headlines like this start coming out its time to build a position
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Steven Orr
Jun 22, 2021 2:56PM ET
well, this article aged terribly.....
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Alan Rice
Jun 22, 2021 12:14PM ET
Bitcoin Target: worthless.
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David9
Jun 22, 2021 11:34AM ET
Because of high inflation coming, people will think to buy Bitcoin, but US will not let like that so I think US will also ban Bitcoin soon... when that happens, I think is game over for cryptos...
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Cristian Mihai Aldea
Jun 22, 2021 11:34AM ET
Deflation is coming. Deflation. Don't get duped.
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Richard Barrett
Jun 22, 2021 11:34AM ET
how about mining in another country maybe..would that be possible..?
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reyalhazeer
Jun 22, 2021 11:34AM ET
Richard Barrett banned mining projects in China, shifting to Kazakisthan.
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reyalhazeer
Jun 22, 2021 11:34AM ET
And Pakistan.
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Yinlayefa Noro
Jun 22, 2021 11:34AM ET
they're all banning the coins becux it ain't benefiting them
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DEHKADE SABZ Arvand
Jun 22, 2021 11:26AM ET
There is hope for rising market value
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riclater211
Jun 22, 2021 11:14AM ET
Bubble goes boom. Housing and all other markets next. Then we buy. $$$$
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Matt Kay
Jun 22, 2021 11:14AM ET
housing is crashing up because billionaires buying up all properties paying up to 50% premiums. Future generations will not be able to own anything. Just rent. Thanks billionaires!
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Matt Kay
Jun 22, 2021 11:14AM ET
Darryl Allen No, rich people are actually the problem as they own everything including the politicians who create said market conditions. And yes, we do need socialism desperately.
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Gene Kret
Jun 22, 2021 11:14AM ET
Darryl Allen you need to pack a bag and get out if the US!
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OptionsMonster
Jun 22, 2021 11:09AM ET
29K is a major support for BTC. IF broken, 24K looms.
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Jacob Steinschlag
Jun 22, 2021 11:09AM ET
28,5K to be fair. Also, Binance futures low of May 19 held yesterday.
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TheRealGreyGhost
Jun 22, 2021 10:51AM ET
The CCP wont control the world, they wont control banking and they wont stop crypto....
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riclater211
Jun 22, 2021 10:51AM ET
you keep dreaming.
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Aux Gold
Jun 22, 2021 10:51AM ET
Death to the CCP and XI
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Bret Lafrance
Jun 22, 2021 10:50AM ET
FUD
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