yellow and black caution sign

shareholder put it in a nutshell in today’s headline: “100 billion dollars just gone”. Tuesday thus begins conceivably bad for the Bitcoin, which falls below the mark of 30.000 USD and tears numerous altcoins with it. If no early response from the bulls comes now, the decline is likely to continue.

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Next support zone only at $ 23,500

Currently, the Bitcoin price is around $ 29,758 and thus falls once again below the daytrading indicator of the moving average. Within 24 hours, this results in a whopping minus of over six percent. As a reminder, back in March, the cryptocurrency cost over $ 62,980.

A look at the chart shows significant support zones only back from 23,500 and around the area at $ 20,000. Here it could go again strongly downhill in the near future. In this context, courageous investors hope for a rapid rebound above the $ 30,000 mark and a subsequent longer-term recovery.

Crypto Market Shows Dependence

However, the recent losses are also a cause for concern from a wider perspective. Thus, yesterday’s events in the global stock markets may have had a direct impact on the crypto price situation. Worldwide, stock prices fell as the delta variant of the coronavirus causes economic fears.

Time and again, BTC is referred to as global gold, which should serve as an investment alternative to classic stocks. The fact that the digital currency market is now so carried away testifies to a certain dependence on classical markets. Invested investors should keep a close eye on the market situation at the moment and make use of stop-loss functions to sell the Bitcoin before further losses threaten. Short positions are recommended as a hedge.

Photo by Greg Rosenke

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