Bitcoin drops $ 2.5K amid warnings of repeated BTC price drops
Bitcoin (BTC) slumped on June 25 after a $ 35,000 denial sparked a direction towards familiar support.
Bitcoin returns to $ 30,000
Data from Cointelegraph Markets Pro and TradingView tracked BTC / USD as it fell more than $ 2,500 in trading on Friday.
The pair hit a domestic high of $ 35,400 overnight before abruptly reversing its course and falling below $ 33,000.
For popular trader Crypto Ed, the situation is similar to what happened last month after BTC / USD climbed to the USD 30,000 support level for the first time.
“The current slow PA reminds me of a similar situation a couple of weeks ago … I think we did 1-5 and started the next cycle, but after another spike BTC corrected lower,” he said commented on an enclosed diagram.
“I thought we could get the same here.”
That would enable Bitcoin to regain the $ 20,000 corridor it briefly broke a few days ago.
As Cointelegraph reported, sentiment remains on the cautious side for many traders after BTC / USD failed to hit the $ 37,000 target prior to its recent rejection. Hence the possibility of a new lower lows is far off.
There is still interest in buying BTC
There remain signs of basic trust.
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On Friday, El Salvador and its Bitcoin laws were back in the spotlight after President Nayib Bukele announced that every eligible citizen will receive $ 30 in free BTC when they download their wallet.
Meanwhile, the institutional boom came in the form of a Purpose Bitcoin ETF, which continued to add to its assets under management during the decline.
Meanwhile, the altcoins were flat and no asset managed to break out of the established trading zones.