Monday, May 10, 2021

Bitcoin (BTC) Loses $30,000 Support, Erasing Almost All of 2021’s Gains. Here’s why

As the crypto market continues to bleed, Bitcoin (BTC), the largest cryptocurrency by market capitalization, has just dropped below $30,000 support, erasing almost all of 2021’s accumulated gains.

Profit Taking Likely Behind This Huge Dump

The losses recorded this week now stands around 25%. According to the trading activity on the leading cryptocurrency exchange, Coinbase, the current significant downtrend in the price of Bitcoin (BTC) is attributed to the continued profit-taking by the United States and European investors.

Read Also: Bitcoin: I Know As the Operator of Gemini That There Is a Huge Institutional Demand –Tyler to Peter Schiff

At 0:30 UTC on Thursday, Bitcoin (BTC) dropped to $29,112 on Coinbase, a level attained on 4th January 2021 when the leading digital currency started rallying notably, which later resulted in recording a new price all-time high around $42,000 on 8th January.

At the time of filing this report, BTC is trading at $30,351.71, with about a 13% price downtrend in the last 24 hours.

Guggenheim’s CIO Scott Minerd Had Said a Retracement to $20,000 Is Possible

Scott Minerd, the CIO of Guggenheim, who earlier predicted that Bitcoin (BTC) would be worth $400,000 someday, recently said he thinks Bitcoin has topped temporarily, saying that a correction to $20,000 area is possible.

As it currently stands, the continued selling has pushed bitcoin’s year-to-date gains below 1%.

Read Also: Crypto Whale Tim Draper Hopes Joe Biden Makes Bitcoin (BTC) A National Currency

According to Bloomberg analyst, Mike McGlone, bulls may be able to pare losses. Speaking to CoinDesk, he said, “Bitcoin appears similar to May-June 2017 price range of $3000-$2000 before breaking out higher.”

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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