Bitcoin has fallen below $30,000 again after it has earlier happened since the 22nd of June this year. This time, it has erased virtually all its gains in 2021. Definitely, it didn’t go down alone, it took along some other coins. Thereby having a general effect on the market.
Ever since Bitcoin reached its ATH of $64,500 in April, it has been falling gradually more than 50%. Recall that it broke the resistance of $29,000 as of last year. Therefore, some traders have speculated that the support possibilities are between $27,000 and $24,000.
As of the time of writing this report, the price of Bitcoin has adjusted to $30,861.
Over time, Bitcoin always experiences exponential growth vis-a-vis big sell-offs. Regarding this relative volatility, Daniel Polotsky—the CEO of CoinFlip—remarked that people should only play the long-term game with the coin.
On the other hand, some analysts have also enthused that China’s regulatory clampdown was also a contributing factor to the present predicament of the cryptocurrency.
However, much of that cannot be seen as most miners have moved to Kazakhstan, El-Salvador, and some other places to carry out their operations. That is why Bitcoin mining has a hashrate of 89.34%.