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Bitcoin drops 54% from all-time highs

Bitcoin drops 54% from all-time highs

$ 98 billion. It is what the Bitcoin market lost in just 24 hours with the fall of Bitcoin below the psychological level of $ 30,000. In his downward career that has led him to break down that level for the first time since June 22. And those 98,000 million is what has yielded in just one day, based on CoinMarketCap data.

The lead decline that is materializing has also coincided with the worst day of the Dow Jones, as CNBC pointed out, since October 2020, with a broad liquidation of global markets, last Monday, with risk assets that have fallen sharply. widespread, as claimed by Amber Group partner Annabelle Huang, a cryptocurrency financial services firm.

In its stock chart we see that Bitcoin does not raise its head, already below the level of $ 30,000. With losses of 8.11% in the last five days, of 9.1% that they reached in the month, with three months of debacle that have cost them a 47.44% drop in their price for the asset and have also led them to lose almost everything they had achieved in this 2021: it barely rises 3.10% compared to the advances, from the last full year of July 2020 to this year, which reached 218%.

Bitcoin price per year

Bitcoin price per year

Bitcoin annual price

This generalized fall is the last straw the effects of Chinese measures, which are promoting the digital yuan and attacking Bitcoin, that despite the fact that Beijing prohibited its exchanges with digital currencies back in 2017, that did not prevent, although based abroad, the Chinese intermediaries from transacting with them . But this year’s total restrictions they have ended up weighing down the asset.

Perfect storm together with worldwide concern about the Delta variant and its pernicious recovery effects have led to value where it is. And now the push for widespread regulation is yet to come. After Yellen’s latest warnings and the general suspicion of central banks, governments are preparing to put a stop and prosecute those who do not declare them.

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In the UK, the world’s largest broker for cryptocurrencies, Binance has been banned by the authoritiesWhile regulators in countries such as Thailand, Canada and also Japan have issued various warnings about it.

The director of investment strategies analysis, Luis Francisco Ruiz shows us that “the future on bitcoin is established in the zone of year-on-year minimums and key support comprised between 30,205 and 28,800 USD. Despite the importance of the levels and the accumulated oversold, the volume does not react upwards, indicating that there is little interest in the asset ”.

Bitcoin technical analysis of its futuresBitcoin technical analysis of its futures

Bitcoin futures technical analysis

The Ei expert also highlights that “in this context, the loss of support is in danger, which would confirm that bitcoin is entering a deep downward trend. Taking short or selling positions makes sense as there are no significant supports nearby. A tight stop would be above 34.830 which is a recent maximum and an approximation of the medium and long-term simple moving averages ”.

The technical indicators of Investment Strategies show us Bitcoin in bearish mode, with a bearish medium and long-term trend, negative slow and fast total moment, mixed volume, increasing in the long term and decreasing in the medium and the volatility of the value, measured in terms of the range of amplitude is decreasing in the long term and increasing in the medium.

If you want to know the most bullish values ​​of the stock market, register for free in Investment Strategies.

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