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People have fun at the 2021 Bitcoin Convention, a cryptocurrency conference held at the Mana Convention Center in Wynwood on June 4, 2021 in Miami, Florida.
Joe Raedle | Getty Images
The price of bitcoin fell about 10% on Tuesday to around $ 32,000 and is poised for its third consecutive day of losses, dragging most other cryptocurrency prices with it. It is down 50% from its all-time high in April.
Many are speculating on the price of the news that U.S. officials have recovered most of the ransom paid to hackers from Colonial Pipeline.
Analysts, however, say the move is more likely to be part of a larger consolidation that peaked a month ago. In other words, the technical breakdown in the charts is boosting the action and technical analysts are seeing a possible bottom as low as $ 20,000 from here.
Dave Keller of Sierra Alpha Research said in a market video update to clients that $ 30,000 is the level of support to watch, and that bitcoin is a sharply declining market.
“The move on any given day can be filled with noise and short-term action,” he said, but the chart “has moved from an uptrend phase to a downtrend phase,” citing lower highs and lows, breaking down into moving averages and breaking through traditional support levels.
Bitcoin – 6 months
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